Redding ltd acquired a piece of machinery for $30 million on 30 June 2016. The machinery has a useful life of 15 years and is to be depreciated over that period. Three years later, the machinery was revalued to its fair value of $26 million in accordance with the provisions of AASB 116 . Two years later the machinery is revalued to $20 million as the market value of the machinery declined during that time.

Ignore income tax.

Provide the appropriate journal entries to record the revaluations on 30th June 2019 and 30 June 2021.