Batman Inc. uses revaluation accounting for its Machinery. The following information has been provided.

July $7,2022$: Purchased Machinery for $$250000$ on account.

Estimated Useful Life: $10$ years

Residual Value: $$0$

Depreciation Method: Straight$-$line $($nearest full month$)$

Frequency of Revaluation: Annually

Valuation Data

July $7,2022$: $$250000$

December $31,2022$: $$234000$

December $31,2023$: $$220000$

Prepare all necessary journal entries at December $31,2022$ and $2023.$

Journals for each year are: to record depreciation expense, to eliminate accumulated depreciation and To record change in reported value of asset