Revaluation of assets In the 30 June 2016 annual report of Payback Ltd, the equipment was reported as follows: Equipment (at cost) Accumulated Depreciation $500000 (150000) 350000 The equipment consisted of two machines, Machine A and Machine B. Machine A had cost $300000 and had a carrying amount of $180000 at 30 June 2016, and Machine B had cost $200000 and was carried at $170000. Both machines are measured using the cost model, and depreciated on a straight-line basis over a 10-year period On 31 December 2016, the directors of Payback Ltd decided to change the basis of meas- uring the equipment from the cost model to the revaluation model. Machine A was revalued to $180000 with an expected useful life of 6 years, and Machine B was revalued to $155 000 with an expected useful life of 5 vears. At 30 June 2017, Machine A was assessed to have a fair value of $163 000 with an expected useful life of 5 years, and Machine B's fair value was $136500 with an expected useful life of 4 years The tax rate is 30% Required A. Prepare the journal entries during the period 1 July 2016 to 30 June 2017 in relation to the equipment. B. According to accounting standards, on what basis may management change the method of asset measurement, for example from cost to fair value