Record the journal entries for the following two independent scenarios (a) Keki Ltd owns a machine that originally cost $50 000. It has been depreciated using the straight-line method for 4 years, giving an accumulated depreciation of $20 000 (the salvage value was estimated at $5000 and the useful life at 10 years). At the beginning of the current financial year its carrying value is therefore $30 000. It has been decided by the directors to revalue it to fair value, which is assessed to be $28 000. The salvage value and useful life are considered to be unchanged. What are the appropriate entries to record the revaluation. (3 marks) (b) In the 30 June 2021 annual report of Neeta Ltd, the equipment was reported as follows: Equipment (at cost) 400,000 Accumulated depreciation 120,000 280,000 The finance manager determined that the asset's value in use is $270,000 while the fair value of the asset is $280,000. It was estimated that the cost to sell is $5,000. The asset has a remaining useful life of 7 years Determine whether the asset is impaired and if so, record the impairment entries