QUESTION 1 On1 July 2021 Sheldon Ltd purchased a new machine at a cost of $820.000 for cash. The asset had an estimated useful life of 10 years, a nil residual value and was depreciated on a straight line basis. The Fair value amounts of the asset for the next 4 years are as follows: 30 June 2022 5830,000 30 June 2023 8850,000 30 June 2024 5860,000 Due to the nature of the machine, the company decides to revalue the asset in accordance with the market values at the 30 June each year. No revaluation is done for 30 June 2025 Required (answer both parts of the question't Record the acquisition of the machine on July 2021, Narrations are not required. () Record the required transactions for 20 June 2024. Include calculations in brackets. Round calculations to the nearest whale dollar. Narrations are not required (1 mark) (5 marks) QUESTION 2 The machine from Question 1 was sold on 31 March 2025 for $750,000 Required: Record the required transactions for 31 March 2025. Include calculations in brackets, Round calculations to the nearest whole dollar. Assume there is no asset revaluation surplus. Narrations are not required