the amount which is slighty hidden is $68250

Depreciation and revaluation of assets Search forums In the 30 June 2022 annual report of Wombat Ltd, the equipment was reported as follows: Equipment (at cost) $ 250 000 Accumulated depreciation 75 000 175 000 The equipment consisted of two machines, Machine A and Machine B. Machine A had cost $150 000 and had a carrying amount of $90 000 at 30 June 2022. Machine B had cost $100 000 and had a carrying amount of $85 000. Both machines are measured using the cost model and depreciated on a straight-line basis over a 10- year period. On 31 December 2022, the directors of Wombat Ltd decided to change the basis of measuring the equipment from the cost model to the revaluation model. Machine A was revalued to $90 000 with an expected useful life of 6 years, and Machine B was revalued to $77 500 with an expected useful life of 5 years. At 1 July 2023, Machine A was assessed to have a fair value of $81 500 with an expected useful life of 5 years, and Machine B's fair value was $68 250 with an expected useful life of 4 years. At 1 July 2023, Machine A was assessed to have a fair value of $81 500 with an expected useful life of 5 years, and Machine B's fair valute 60 En with an expected useful life of 4 years. Search forur Note: All answers must be done in an excel work book and uploaded on Moodle Required 1. Prepare journal entries to record depreciation during the year ended 30 June 2023, assuming there was no revaluation. 2. Prepare the journal entries for Machine A for the period 1 July 2022 to 30 June 2023 on the basis that it was revalued on 31 December 2022. 3. Prepare the journal entries for Machine B for the period 1 July 2022 to 30 June 2023 on the basis that it was revalued on 31 December 2022. 4. Prepare the revaluation journal entries required for 1 July 2023. 5. According to accounting standards, on what basis may management change the method of asset measurement, for example from cost to fair value