PLEASE ANSWER ASAP

Practical Question 3 Accounting for PPE 14 Marks

On 1 July 2020, Bronze Ltd purchased a cutting machine for $300,000. The useful life of the machine was assessed as 6 years with a zero-residual value. The machine was to be measured at fair value.

On 30 June 2021, after charging depreciation, the fair value of the machine was assessed to be $280,000 with a remaining useful life of 4 years and zero residual value.

On 30 June 2023, the machine was revalued again to its fair value of $100,000 with a remaining useful life of 2 years and a zero-residual value.

The income tax rate is 30% and the company uses straight line depreciation for all property, plant, and equipment.

Required:

Prepare all necessary entries related to the machine from 1 July 2020 to 30 June 2023. (14 marks)

Note: Narrations are not required.