PLZ PLZ HELP

The following information has been extracted from the Statement of Financial Position of New-Look Ltd as at 30 June 2020:

After adopting fair value for the valuation of its non-current assets, on 30 June 2020, the company appointed an independent valuer who assessed the fair value of the machine to be $720,000 and the vehicles to be $120,000. It is also assessed that the machine and vehicles would have remaining useful lives of 12 years and 3 years respectively, with zero residual value. The income tax rate is 30%.

Required

(i) Prepare all necessary entries to revalue the machine and the vehicles as at 30 June 2020.

(ii) Prepare entries to record depreciation expense for the year ended 30 June 2021 using the straight-line method.