On 30 June 2016, Wong Ltd reported the following information for equipment in its statement of financial position:

Equipment (at cost) Accumulated depreciation		$1400000     520000
		$  880000

Investigation of the property and plant records showed that the equipment consisted of two items: a machine (no. 1) that cost the company $800000 and had a carrying amount of $420000 at 30 June 2016, and another machine (no. 2) that originally cost $600000 and had a carrying amount at 30 June 2016 of $460000. Both machines are depreciated on a straight-line basis over 10 years.

On 1 January 2017, the directors of Wong Ltd decided to switch the valuation method from the cost model to the revaluation model. Machine no. 1 was revalued to its fair value of $480000, with an expected future useful life of 6 years, and machine no. 2 was revalued to $450000, with an expected remaining useful life of 6 years.

On 30 June 2017, the fair value of machine no. 1 was assessed at $450000, and the future useful life was estimated as 5 years. For machine no. 2, fair value was assessed to be only $300000, and its future useful life to be 4 years because of a certain degree of commercial obsolescence.

Required

Prepare journal entries for Wong Ltd, in general journal form, for the equipment during the period from 1 July 2016 to 30 June 2017.