On 1 July 2020 Brendan Ltd purchased a machine for $300,000 with an estimated useful life of 6 years and no residual value. The machine is carried at cost.

At the year ending 30 June 2021, the machine was revalued to 280,000 and remaining 5 year useful life starting in 2022.

REQUIRED:

Establish whether the machine has revaluation increment or decrement and write necessary journals related to the revaluation as at 30 June 2021 and depreciation journal for 2022.