Question Three Bulldogs Ltd has an item of machinery that cost $1 200 000 that was purchased two years ago. The item of machinery is depreciated using the straight-line method over a 6 year useful life with no residual value. Bulldogs Ltd decides to switch to a revaluation model for machinery. The fair value of the item of machinery is $1 100 000 and the tax rate is 25 percent (25%). As a result of revaluation, the item of machinery's useful life increases to 8 years. REQUIRED a) Provide the journal entries to record the revaluation. (14 marks) b) Applying the criteria in AASB 10 with respect to control, indicate where the control rests and whether or not consolidation will be required for the following case: Andy Ltd is a 51 percent (51%) shareholder in Eddi Ltd and currently holds two of the five total seats on the board of directors. Lion Ltd holds the remaining 49 percent (49%) of Eddi Ltd's shares and currently occupies the other three seats on the board. Andy Ltd is a passive shareholder as it is happy with the way Lion Ltd has been running the company. (4 Marks)