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*P10.11 Camco Manufacturers Inc., a publicly listed company, has two machines that are accounted for under the revaluation model. Technology in Camco'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 Machine #2 Acquisition date Jan. 2, 2017 June 30, 2016 Original cost $440,000 $540,000 Original estimate of useful life 8 years 12 years Original estimate of residual value -0- -0- Pattern of depreciation Straight- line Straight- line Fair value at Dec 31, 2018 310,000 440,000 Balance in 310,000 440,000 Dec. 31, 2018 Balance in Machinery account after proportionate method revaluation on Dec. 31, 2018 413,333 555,789 Balance in Accumulated Depreciation account after 103,333 115,789 proportionate method revaluation on Dec. 31, 2018 Cumulative balance in (Revaluation Gain or Loss)/ Revaluation Surplus (AOCI) at Jan. 1, 2020 (20,000) 12,500 Fair value at Dec. 31, 2020 230,000 328,000 Both machines were last revalued on December 31, 2018. Camco has a December 31 year end. Instructions a. Prepare the journal entries required for 2020, using the asset adjustment method. b. Prepare the journal entries required for 2020, using the proportionate method. Do not round intermediate calculations but round final amounts to the nearest dollar. c. Prepare a continuity schedule showing for each machine the amounts recorded to the Machine account and to the Accumulated Depreciation account, as well as indicating the carrying amount for each fiscal year from date of purchase to December 31, 2020, using (1) the asset adjustment method and (2) the proportionate method. Show the carrying amount under each method at the end of each fiscal year. *P10.11 Camco Manufacturers Inc., a publicly listed company, has two machines that are accounted for under the revaluation model. Technology in Camco'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 Machine #2 Acquisition date Jan. 2, 2017 June 30, 2016 Original cost $440,000 $540,000 Original estimate of useful life 8 years 12 years Original estimate of residual value -0- -0- Pattern of depreciation Straight- line Straight- line Fair value at Dec 31, 2018 310,000 440,000 Balance in 310,000 440,000 Dec. 31, 2018 Balance in Machinery account after proportionate method revaluation on Dec. 31, 2018 413,333 555,789 Balance in Accumulated Depreciation account after 103,333 115,789 proportionate method revaluation on Dec. 31, 2018 Cumulative balance in (Revaluation Gain or Loss)/ Revaluation Surplus (AOCI) at Jan. 1, 2020 (20,000) 12,500 Fair value at Dec. 31, 2020 230,000 328,000 Both machines were last revalued on December 31, 2018. Camco has a December 31 year end. Instructions a. Prepare the journal entries required for 2020, using the asset adjustment method. b. Prepare the journal entries required for 2020, using the proportionate method. Do not round intermediate calculations but round final amounts to the nearest dollar. c. Prepare a continuity schedule showing for each machine the amounts recorded to the Machine account and to the Accumulated Depreciation account, as well as indicating the carrying amount for each fiscal year from date of purchase to December 31, 2020, using (1) the asset adjustment method and (2) the proportionate method. Show the carrying amount under each method at the end of each fiscal year