Sorocaba Company is located in a highly inflationary country and in accordance with IAS 29 prepares financial statements on a general purchasing power (inflation-adjusted) basis through reference to changes in the general price index (GPI). The company had the following transactions involving machinery and equipment in its first two years of operations: Date Transaction Cost Useful Life GPI January 15, Year 1 March 20, Year 1 Purchase Machine X Purchase Machine Y $ 20,000 4 years 100 55,000 5 years 110 October 10, Year 1 Purchase Machine Z 130,000 10 years 130 December 31, Year 1 140 April 15, Year 2 ... Sold Machine X 160 180 December 31, Year 2 37. Determine the amount that would be reported as machinery and equipment in accordance with IAS 29 on the December 31, Year 1, and December 31, Year 2, balance sheets.