DEF Company uses the asset adjustment (elimination) revaluation model to account for its machinery. Machinery that cost $80000 had a net book value of $65000 on January 1, 2019. On this date the machine had an estimated residual value of $5000 and a remaining useful life of 15 years. At December 31, 2019 the machinerys fair market value is $63000. This is the first year DEF is applying the revaluation model. Required: Prepare the journal entries to record the machinery depreciation for 2019 and the revaluation at December 31, 2019. (Assume straight line depreciation)