Taylor Manufacturers Inc., a publicly listed company, has one machine that is accounted for under the revaluation model. Technology in Taylor's industry is fast-changing, causing the fair value of the machine to change significantly about every two years. The machine was acquired on Jan. 2, 2017 with a cost of $500,000. The original estimate of useful life is 10 years and the estimate of residual value is 0. The company uses straight-line depreciation. On Dec. 31. 2018, the company conducted revaluation of the machine and reported Revaluation Surplus $8,000. Instructions: (a) How much was the fair value of the machine on Dec. 31, 2018? Show you calculation. (b) On Dec. 31, 2020, the fair value of the machine is $296,000 and the company conducted revaluation of the machine for the second time. Assuming the company's books show that the depreciation of the machine during 2019 and 2020 was $51,000 each year and the net book value is $306,000. Prepare the revaluation-related journal entries at Dec 31, 2020, using the asset adjustment method. (c) Provide the statement of financial position presentation on Dec 31, 2020. (d) What is reported in 2020 net income related to this machine