Question 2: On the 30 June 2017 annual report of Ratoon Ltd. The following information was reported for equipment Plant (at cost) $ 420,000 Accumulated Depreciation (90,000) The plant consisted of one machine - Machine-A. The plant was measured using the cost model and depreciated on a straight-line basis over a 10-year period. On 31 December 2017, the directors of Ratoon decided to change the basis of measuring the plant from the cost model to the revaluation model. Machine-A was revalued to $300,000 with an expected useful life of 5 years. As at 30 June 2018, Machine A was assessed to have a fair value of $277,000 with an expected useful life of 4 years. Required: Prepare the journal entries during the period 1 July 2017 to 30 June 2018 in relation to the equipment Show all workings. (ignore tax effects and narrations are not required). (Total 13 marks)