Marois Limited is a public company that adheres to International Financial Reporting Standards. Its financial year-end is December 31. On January 1, 2013, Maris paid $480,000 to purchase machinery with an estimated 15-year useful life and $30,000 residual value. The company has chosen to account for its machinery using the Revaluation Depreciation Model.

Marois has also chosen to employ straight-line depreciation and to account for the balance in the accumulated depreciation account upon revaluation by using the asset elimination (adjustment)

method approach.

In the years after acquisition the following events took place:

1. A revaluation at the end of 2015 deemed the machinery to have a fair value of $400,000 and a residual value of $40,000.
2. A revaluation at the end of 2018 deemed the machinery to have a fair value of $250,000 and a residual value of $10,000.

Required:

Prepare all journal entries necessary to record depreciation and revaluation of the machinery in each of the years 2015 and 2018.