Question $2$

$[24$ marks$]$

ABC $($Pty$)$ Limited purchased an item of machinery on $1$ July $2021$ at a cost of $R130000.$

At the date of acquisition, the machinery had an estimated useful life of five years.

On $30$ June $2023,$ the machine was revalued to $R162500.$

It is the company's policy to realise revaluation surplus through use.

Required:

Prepare the journal entries needed to record the revaluation on $30$ June $2023$ and the depreciation adjustments for the year ended $30$ June $2024$