On 1 July 2015, Palermo Ltd paid cash of $215,000 to acquire an item of machinery. On this date it was estimated that the machinery had a useful life of 10 years and a residual value of $15,000. Palermo Ltd uses the revaluation model to measure items of property, plant and equipment and the straight-line method of depreciation. On 30 June 2016, the fair value of the machinery was $195,000. On 30 June 2017, the fair value of the machinery was $180,000. On 30 June 2018, the fair value of the machinery was $141,000. On 31 December 2018, the machinery was sold for $120,000 cash. Required Provide appropriate journal entries to record the transactions in relation to the item of machinery that occurred between 1 July 2015 and 31 December 2018. For any yearls that a revaluation is not required, you should explain this and provide a supporting calculation