The accounting year of Ace ends on 31 December. On 5 April 20x1, Ace ordered a machine for its business operations. The machine was delivered to Ace on 22 April 20x1. The following information relates to the purchase of the machine: Incurred on acquisition date: Price Delivery cost Installation cost Petrol Maintenance cost for 10 years Wages paid to the machine operator during the 10 years' operation RM 300,000 3,000 7,000 100 20,000 150,000 Estimated useful life 10 years Depreciation- a full year's depreciation in the year of acquisition and none in the Straight line year of disposal. Accounting policy (i) Cost model OR (ii) Revaluaton model Required: d) Revaluation. Assume the followings: - Full depreciation in the year of acquisition and none in the year of disposal or revaluation. - On 1 Feb 20x3, fair value of the machine was RM 296,000. - Remaining useful life 8 years. Show journal entries to record the subsequent measurement of the machine. Present an extract of the following statements: (iii) Statement of Profit or Loss for year ended 31 December 20x3. (iv) Statement of Financial Position as at 31 December 203. Statement of Profit or Loss and Other Comprehensive Income (extract) for the year ended Statement of Financial Position (extract) as at 31Dec203 a) Initial recognition. Show journal entries to record the initial recognition of the machine. b) Subsequent measurement. State the accounting policy for subsequent measurement. Show journal entries record the subsequent measurement of the machine at reporting date, 31 December 201 and 31 December 20 s c) Present an extract of the following statements: (i) Statement of Profit or Loss for year ended 31 December 201 and 31 December 20x2. (ii) Statement of Financial Position as at 31 December 20x1 and 31 December 20x2. Statement of Profit or Loss and Other Comprehensive Income (extract) for the year