ABC LTD. Uses revaluation method for equipment purchased on Jan. 1. 20x1. Equipment loss $115.000, lo yrs useful life with O residual value. Straight-line depreciation full yr convention Company uses elimination method for the Revaluetion model and fair Value of machine was $115.000 at Dec. 31, 20xl. a) Prepare Journal Entries for the year 20x1. b) What are the differences between "Revaluation model" and " Fair Value model" c) Can ABC Ltd. elect to use fair value model for equipment, What type of assets can be values Using" fair Value model" ABC LTD. Uses revaluation method for equipment purchased on Jan. 1. 20x1. Equipment loss $115.000, lo yrs useful life with O residual value. Straight-line depreciation full yr convention Company uses elimination method for the Revaluetion model and fair Value of machine was $115.000 at Dec. 31, 20xl. a) Prepare Journal Entries for the year 20x1. b) What are the differences between "Revaluation model" and " Fair Value model" c) Can ABC Ltd. elect to use fair value model for equipment, What type of assets can be values Using" fair Value model