uestion 2 Joy Ltd purchased a new machine on 1 October 2012 at a cost of $114,000. The entity estimated that the machine has a residual value of $18,000. The machine is ex used for 20,000 working hours during its 5-year life. Assume a 31 December Required: Calculate the depreciation expense using the following methods in the year indicated: i) The straight-line method for 2012 and 2013. pected to be i) The diminishing-balance method using double the straight-line rate for 2012 and 2013. ii) The units-of-production method for 2012, assuming the machine usage was 900 hours Bradford Ltd has the following land and buildings in its accounts as at 30 June 2012: $'000 1,500 3,000 1,500 (225) Land in Singapore, at cost Land in Sydney, at valuation 2009 Buildings on land in Sydney, at valuation 2009 Accumulated depreciation As 30 June 2012, the balance of the Revaluation Surplus is $1200,00, of which $1050,000 relates to the land in Sydney and $75,000 relates to the buildings (the balance relates to other PPE assets). An independent valuation carried out on this day determined the following fair values: land in Singapore $2250,000, land in Sydney $3600,000, buildings $1125,000. The estimated remaining useful life of the buildings is 15 years with nil residual Required: i) Record all entries relating to the revaluation of the assets on 30 June 2012. ii) Rccord the depreciation for the year ended 30 Junc 2013