Tab Corporation purchases a machine for $690,000 on 1 January 2015. The machine has a useful life of 10 years, is depreciated using the straight-line method and has a residual value of zero. The balance day of the company is 31 December. Tab Corporation chooses to revalue the asset to fair value over the life of the machine. The fair values of machine are:

- 31 December 2015 $740,000

- 31 December 2016 $520,000 -

31 December 2017 $600,000

Required a) Do the journal entries to record the machine at fair value at 31 December 2015, 2016 and 2017.

b) Cleary indicate the carrying amount of the machine at 31 December 2015, 2016 and 2017.