TAKULAH Traders Ltd purchased a machine for $650 000 and there was an accumulated depreciation balance of $110 000 at 30 June 2022. Its fair value is assessed at this time, with its first revaluation as$450 000. The machine's useful life is expected to be5 more years and the residual value to be $50000. On 1 July 2023 the asset's fair value is $460 000 and the residual value and useful life are expectedto be unchanged (that is, there is 4 years of remaining life).

Required:

Provide the journal entries necessary to account for all the above transactions and events up to 1 July 2023, in accordance with AASB 116 if the revaluation is undertaken. (11 marks)