Unilever Group purchased a machinary on January 1, 2017, that cost Tk 400,000 and the installation cost of the machine was Tk 10,000. The company estimated the useful lives of the asset will be 5 years and residual value will be 50,000. The company uses straight line method for depreciation. Unilever decides to report the machinary at fair value in subsequent

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periods. At December 31, 2017, it was found its fair value is Tk 480,000. In December 31, 2018, the machinary was again revalued and found the fair value of Tk 350,000. Required: Show the appropriate calculation of the asset according to IAS-16 and prepare the journal entries i. For purchase of machinary ii. For depreciation iii. For revaluation in 2017 and 2018.