In the 30 June 2023 annual report of Emu Ltd, the equipment was reported as follows:

The equipment consisted of two machines, Machine A and Machine B. Machine A had cost \(\$ 75000\) and had a carrying amount of \(\$ 45000\) at 30 June 2023. Machine B had cost \(\$ 50000\) and had a carrying amount of \(\$ 42500\). Both machines are measured using the cost model and depreciated on a straight-line basis over a 10 -year period.
On 31 December 2023, the directors of Emu Ltd decided to change the basis of measuring the equipment from the cost model to the revaluation model. Machine A was revalued to \(\$ 45000\) with an expected useful life of 6 years, and Machine B was revalued to \$38 750 with an expected useful life of 5 years.
At 1 July 2024, Machine A was assessed to have a fair value of \(\$ 40750\) with an expected useful life of 5 years, and Machine B's fair value was \$34 125 with an expected useful life of 4 years.
Required 1. Prepare journal entries to record depreciation during the year ended 30 June 2024, assuming there was no revaluation.
2. Prepare the journal entries for Machine A for the period 1 July 2023 to 30 June 2024 on the basis that it was revalued on 31 December 2023.
3. Prepare the journal entries for Machine B for the period 1 July 2023 to 30 June 2024 on the basis that it was revalued on 31 December 2023.
4. Prepare the revaluation journal entries required for 1 July 2024.
5. According to accounting standards, on what basis may management change the method of asset measurement, for example from cost to fair value?

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Equipment (at cost) $ 250 000 Accumulated depreciation 75 000 175 000