Question 5 A revalued machine has the following values at 31 December2015: $ Original carrying amount before revaluation 200,000 Revalued amount (with remaining useful life of 5years) 250,000 Revaluation reserve (related to this machine only) 50,000 Recoverable amount 150,000 AS at 31 December 2016, the machine has a recoverable amount of $200,000 because indication of impairment loss related in the previous period no longer exists. Required: Prepare journal entries for the years ended 31 December 2015, 2016 and 2017. (8 marks)

Question 5 A revalued machine has the following values at 31 December 2015: Original carrying amount before revaluation Revalued amount (with remaining useful life of 5 years) Revaluation reserve (related to this machine only) Recoverable amount 200,000 250,000 50,000 150,000 AS at 31 December 2016, the machine has a recoverable amount of $200,000 because indication of impairment loss related in the previous period no longer exists. Required: Prepare journal entries for the years ended 31 December 2015, 2016 and 2017. (8 marks)