On 1 July 2019, CC Ltd. acquired a machine for $50,000 and decided to depreciate it for 16 years with no residual amount. The tax rate is 20%. Assume that the fair values of this asset Date 1/7/2019 31/8/2019 30/6/2020 were: Fair Value $55,000 $44,000 $72,000 The income tax rate is 30%, use the straight-line method of depreciation. 1. Using the cost model, prepare the relevant journal entries from the date of acquisition to 30 June 2020, including tax effects. 2. Using the revaluation model, prepare the relevant journal entries from the date of acquisition to 30 June 2020, including tax effects