Revaluation model   LO2, 3, 5, 6, 7 On 1 July 2019, Peewee Ltd acquired two assets within the same class of plant and equipment. Information on these assets is as follows. Cost Expected useful life Machine A $100 000 5 years Machine B 60 000 3 years The machines are expected to generate benefits evenly over their useful lives. The class of plant and equipment is measured using fair value. At 30 June 2020, information about the assets is as follows. Fair value Expected useful life Machine A $84 000 4 years Machine B 38 000 2 years On 1 January 2021, Machine B was sold for $29 000 cash. On the same day, Peewee Ltd acquired Machine C for $80 000 cash. Machine C has an expected useful life of 4 years. Peewee Ltd also made a bonus issue of 10 000 shares at $1 per share, using $8000 from the general reserve and $2000 from the asset revaluation surplus created as a result of measuring Machine A at fair value. At 30 June 2021, information on the machines is as follows. Fair value Expected useful life Machine A $61 000 3 years Machine C 68 500 3.5 years Required 1. Prepare the journal entries in the records of Peewee Ltd to record the events for the year ended 30 June 2020. 2. Prepare journal entries to record the events for the year ended 30 June 2021.