ABC Ltd acquires some machinery at a cost of $ XXXXXXXXXXon 1 July 2021. On 30 June 2022, the machinery, which has an accumulated depreciation balance of $80 000, is assessed as having a fair value...

ABC Ltd acquires some machinery at a cost of $500 000 on 1 July 2021. On 30 June 2022, the machinery, which has an accumulated depreciation balance of $80 000, is assessed as having a fair value equal to $400 000. ABC Ltd measures machinery at fair value.

Required:

Provide the journal entries to reflect the revaluation decrement.