7 marks (14 minutes) TDW Company uses the asset adjustment (elimination) revaluation model to account for its machinery, as permitted under IFRS. Machinery that cost $108,000 had a net book value of $58,000 on January 1, 2020. On this date the machine had an estimated residual value of $7,000 and a remaining useful life of 6 years. At December 31, 2020 the machinery's fair market value is $45,000. TDW has a revaluation surplus OCI account related to prior year revaluations of this machinery of $1,200 before any current year revaluations. Required: Prepare the journal entries to record the machinery depreciation for 2020 and the revaluation at December 31, 2020. (Assume straight line depreciation) (7 marks)