with explanations

III. Prepare the general journal entry to record the following: (@4 x 2.8%) (a) Buyun Company purchased a building 14 years ago for $740,000. The building has accumulated depreciation of $493,000 and net fair value of $175,000. Buyun expects the building will generate a net cash inflow for the next seven years, as represented by the value in use of $210,000 (b) An independent appraiser determines that the fair value of a set of machines in Riga Company is $40,000 at the end of 2018. At that time, the carrying amount of these machines is $20,000 (cost: $70,000, accumulated depreciation: $50,000), with a useful life of 10 years, and residual value of $5,000. Shortly, Riga Company decides to apply revaluation to the machine