Question $1$

Hand Creamy Limited purchased a land for $$150,000$ cash on $1$ September $2019$ and a machine for $$300,000$

cash on $1$ July $2020.$ The useful life of the machine is $10$ years, no residual value and straight line method for

depreciation. The company uses the revaluation model for those assets.

On $31$ December $2020,$ the fair value of the land was $$200,000$ and $$332,500$ for the machine. On $31$

December $2021,$ the fair value of the land was $$130,000$ and $$280,500$ for the machine.

On $1$ March $2022,$ the land was sold for $$120,000$ by cash. The machine has a fair value of $$302,250$ on $31$

December $2022$ and $$250,950$ on $31$ December $2023.$ The balance day is $31$ December.

Required

Provide the journal entries related to the land and machine.