On 1 July 2022, Valley Ltd acquired two assets within the same class of plant and equipment. Information on these assets is as follows: Cost Expected useful life Machine A $ 200000 5 years Machine B 120000 3 years The machines are expected to generate benefits evenly over their useful lives. The class of plant and equipment is measured using fair value. At 30 June 2023, information about the assets is as follows: Fair value Expected useful life Machine A $ 168000 4 years Machine B 76000 2 years On 1 January 2024, Machine B was sold for $58000 cash. On the same day, Valley Ltd acquired Machine C for $160000 cash. Machine C has an expected useful life of 4 years. Valley Ltd also made a bonus issue of 20000 shares at $1 per share, using $16 000 from the general reserve and $4000 from the asset revaluation surplus created as a result of measuring Machine A at fair value. At 30 June 2024, information on the machines is as follows: Fair value Expected useful life Machine A $122000 3 years Machine B 137 000 1.5 years The income tax rate is 30%. Required Prepare the journal entries in the records of Valley Ltd to record the described events over the period 1 July 2022 to 30 June 2024, assuming the ends of the reporting periods are 30 June 2023 and 30 June 2024.