Wong Ltd has various non-current assets, including Buildings and Machinery. The buildings were purchased on 1 July 2021 for $1,000,000 through a bank loan, have an anticipated residual value of $400,000 and an expected useful life of 20 years. The buildings are being recorded under the revaluation model (AASB 116) and it was decided that there was no revaluation of the buildings on 30 June 2022. The machinery was purchased on 1 July 2022 for $230,000 cash, has an anticipated residual value of $80,000 and an expected useful life of 15 years. It is being recorded under the cost model (AASB 136). Both assets are being depreciated using the straight-line method.

Information relevant to the assets at 30 June 2023 is:

Buildings fair value $1,100,000

Machinery recoverable amount $197,000

Prepare the necessary general journal entries to record the transactions related to the buildings for the financial year ending 30 June 2023 (i.e. from 1 July 2022 to 30 June 2023). Justify your answer in accordance with appropriate accounting standards regarding the test of materiality. Narrations are NOT required.