Co D acquires a machinery for 700,000 on 1 Jan 2008. This machinery is depreciated on a straight-line basis over its useful economic life which is estimated to be 20 years.

On 1 Jan 2016, the company revalues the machinery to be 540,000 using revaluation model.

The machinery was sold on 1 Jan 2019 for 470,000. Co Ds year end is 31 Dec.

Required:

A . Clearly show cost, accumulated depreciation and carrying value of the machinery as of 1 Jan 2016 before revaluation. Show accounting entries on 1 Jan 2016 when plant is revalued.

B - Show accounting entries on disposal of the machinery on 1 Jan 2019.