On 30 June 2019, Steve Ltd acquired a machine for $200 500 cash, with an expected useful life of ten years and a zero residual value. The company has adopted fair value for the valuation of non-current assets.

On 30 June 2020, the company hired an independent valuer who assessed the value of the machine to be $185 000 with a remaining useful life of 8 years and residual value of $5 000.

On 30 June 2021, the fair value of the machine is $150 000 with a remaining useful life of 6 years and zero residual value.

The company uses straight-line depreciation method for depreciating all its property, plant and equipment. Income tax rate is 30%. The financial year ends on 30 June.

Required

Prepare all the necessary journal entries related to the machine from 30 June 2019 to 30 June 2021.