Question 2 (7 marks) (This question is from week 7 Tutorial) An item of depreciable machinery is acquired on 1st July, 2016 for $270 000. It is expected to have a useful life of 10 years and a zero-residual value (straight-line). On the 1st July, 2020, it is decided to revalue the asset to its fair value of $140 000. Required: (a) Provide journal entries to account for the revaluation (4 marks) (b) In your own words, discuss when you think the revaluation increment should be included as part of the profit or loss? (3 marks Expert Answer