On 30 June 2023 Emu Ltd had two machines, Machine A and Machine B:

Machine A $75,000

Accumulated depreciation - A ($30,000)

Machine B $50,000

Accumulated depreciation - B ($7,500)

Both machines are measured using the cost model and depreciated on a straight-line basis over a 10-year period. There is no residual value for the machines.

On 31 December 2023, the directors of Emu Ltd decided to change the basis of measuring the machines from the cost model to the revaluation model. Machine A was revalued to $45,000 with a remaining useful life of 6 years, and Machine B was revalued to $38,750 with a remaining useful life of 5 years.

On 30 June 2024, Machine A was assessed to have a fair value of $40,750, and Machine B was assessed to have a fair value of $34,125.

Required

Prepare the necessary journal entries for Machine A and Machine B to bring them to their fair values on 31 December 2023.

Prepare the necessary journal entries for Machine A and Machine B to bring them to their fair values on 30 June 2024.