Machine A cost $100000 and expected useful life 5 years Machine B cost $60000

Machine A cost $100000 and expected useful life 5 years
Machine B cost $60000 and expected useful life 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 2010 information about the assets is as follows: Machine A has fair value of $84000 and estimated useful life 4 years
Machine B has fair value of $38000 and estimated useful life 2 years On 1 January 2011 Machine B was sold for $29000 cash. At 30 June 2011 information on Machine A is as follows: Machine A has fair value $58000 and estimated useful life 3 years Required: Prepare journal entries in the records of Chifley Ltd to record the described events over the period 1 July 2009 to 30 June 2011.