Background information Membina Limited $($Membina$)$ is a large, Melbourne$-$based construction company that specialises in high$-$rise developments. One of the assets that support Membina$$s high$-$rise construction activities is a tower crane, which is used to lift heavy equipment and materials to great heights. Membina$$s heavy machinery is measured under the revaluation model in accordance with IAS $16$ Property, Plant and Equipment. The tower crane was originally purchased on $1$ July $2021$ for $$450,000.$ It is being depreciated on a straight$-$line basis over its useful life of $15$ years, after which time the residual value will be zero.

The value of tower cranes is not highly volatile, and Membina performs revaluations every three years. This is the first revaluation for Membina$$s tower crane. Membina has the following information about the three main second$-$hand markets available:

Brisbane$-$ Number of tower cranes sold $($annually$)$ :$700,$

Average number of sales per month :$12,$

Selling price for $3-$year$-$old tower crane at $30$ June $2024$ :$$389,000,$

Sales commission $($as a $\%$ of selling price$)$ at $30$ June $2024$: $15\%,58,350$

Delivery costs by truck at $30$ June $2024$: $$75,000$

Melbourne$-$ Number of tower cranes sold $($annually$)$ :$1500,$

Average number of sales per month :$21,$

Selling price for $3-$year$-$old tower crane at $30$ June $2024$ :$$384,000,$

Sales commission $($as a $\%$ of selling price$)$ at $30$ June $2024$: $11\%,$

Delivery costs by truck at $30$ June $2024$: $$9,000$

Sydney$-$ Number of tower cranes sold $($annually$)$ :$2100,$

Average number of sales per month :$30,$

Selling price for $3-$year$-$old tower crane at $30$ June $2024$ :$$333,000,$

Sales commission $($as a $\%$ of selling price$)$ at $30$ June $2024$: $12\%$

Delivery costs by truck at $30$ June $2024$: $$40,000$

Additional information

$$ The location of the tower crane in Melbourne is considered a characteristic of the asset.

$$ In the past, Membina has sold its tower cranes in the Melbourne market as they are easier to sell locally. However, Membina can sell in any of the three markets $($Brisbane$,$ Melbourne or Sydney$).$

$$ The tax rate is $30\%.$

Using the fair value information in the Melbourne market, prepare the journal entry$/$entries to record the revaluation of the tower crane at $30$ June $2024.$ Show all workings.