The cost of purchase of an item of production machine was 80000. In addition, the company paid 8000 for transport and installation. The machine was purchased in December 2010 and depreciation started on March 1^st 2011. Company applies acceleration depreciation method at a rate of 10% with an accelerating factor of 2. Residual value is equal to 0. The company applies accelerated method only if the value of annual depreciation under accelerated method is higher than under the straight-line method.

On December 31^st, 2014 the company revalued the machine to the current market value of 20000. On 31^st January 2016 the company sold the machine for 16000.

Required: Record all transactions in appropriate T-accounts and answer the following questions:

a) what was the value of depreciation in 2011, 2012, 2013 and 2014,

b) what is the value of revaluation,

c) what was the value of depreciation after revaluation (for 2015),

d) what is the value of profit/loss on sale of property, plant and equipment.