(a) Black Ltd purchased a machine on 1 January 2019. The machine cost $100,000, shipping costs were $10,000 and installation costs came to $15,000. The machine will be used evenly each year. The useful life will be 10 years with an expected residual value of $30,000. On 1 January 2021 the machine was revalued to $80,000. Black Ltd has a 31 December year end. Required: (i) What is the net book value of the machine as at 31 December 2020? Show simple workings. [2marks] (ii) prepare the journal entry/ies to account for the revaluation on 1 January 2021 (the company uses the revaluation model). [3 marks] Note: Dates and narrations not required