Flounder Manufacturers Inc, a publicly listed company has two machines that are accounted for under the revaluation model. Technology in Flounder's industry is fast-changing, causing the fair value of each machine to change significantly about every two years. The following information is available: Machine #1 Jan. 2. 2017 $458,000 8 years -O- Straight line 322.500 Machine #2 June 30, 2016 $540,000 12 years -O- Straight-line 441,000 Acquisition date Original cost Original estimate of useful life Original estimate of residual value Pattern of depreciation Fair value at Dec 31, 2018 Balance in Machinery account after proportionate method revaluation on Dec. 31. 2018 Balance in Accumulated Depreciation account after proportionate method revaluation on Dec 31, 2018 Cumulative balance in (Revaluation Gain or Loss/ Revaluation Surplus (OCT) at Jan. 1.2020 Fair value at Dec 31, 2020 430,000 557,053 107,500 116,053 121.000) 239.500 13,500 328.000 lasteaiad nn necember 31. 2018. Flounder has a December 31 varend Prepare the journal entries required for 2020, using the asset adjustment method. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and entero for the amounts. Round answers to O decimal places, eg. 5,275.) No. Account Titles and Explanation Debit Credit Machine #1 1. (To record depreciation expense) 2. (To eliminate accumulated depreciation) 3 (To adjust the Machinery account to fair value) Machine #2 1. (To record depreciation expense) 2. (To eliminate accumulated depreciation) 3. (To adjust the Machinery account to fair value)