The information below relates to a company, BU Ltd, which adopts IFRS: At 30 June 2016, BU Ltd reported two machines, machine A and machine B. Machine A had cost $300 000 and had a carrying amount of $180, 000 at 30 June 2016, and Machine B had cost $200, 000 and was carried at $170, 000. Both machines are measured using the cost model, and depreciated on a straight-line basis over a 10-vear period, On 31 December 2016, the directors of BU Ltd decided to change the basis of measuring the machines from the cost model to the revaluation model. Machine A was revalued to $180,000 with an expected useful life of 6 years, and MachineB was revalued to $155,000 with an expected useful life of 5 years. Required: 1) Prepare the journal entries for the periods 1 July 2016 and 31 December 2016 in relation to machines A and B. Ignore tax effects