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Prepare the journal entries required for 2020, using the asset adjustment method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275) No. Account Titles and Explanation Debit Credit Machine #1 1. (To record depreciation expense) 2. (To eliminate accumulated depreciation) 3. To adjust the Machinery account total value) Machine #2 (Torecord deprecation ext) 2 Coelhute acumulated deprecludon Ta pat the Mach Sheffield Manufacturers Inc., a publicly listed company has two machines that are accounted for under the revaluation model Technology in Sheffield's industry is fast-changing, causing the fair value of each machine to change signifcantly about every two years. The following information is available! Machine #1 Machine #2 Acquisition date Jan. 2. 2017 June 30, 2016 Original cost $441,000 $600,000 Original estimate of useful life 8 years 12 years Original estimate of residual value 40- -0- Pattern of depreciation Straight-line Straight-line Fair value at Dec. 31, 2018 309.750 488,500 Balance in Machinery account after proportionate method revaluation on Dec. 31, 2018 418.000 617,053 Balance in Accumulated Depreciation account after proportionate method revaluation on Dec. 31. 2018 103.250 128.553 Prior year Revaluation Gain or Loss for Machine #1 and cumulative balance in Revaluation Surplus (OCI) for Machine #2 at Jan. 1. 2020. (21,000) 13.500 Fair value at Dec. 31.2020 231.000 360,000 Both machines were last revalued on December 31, 2018. Sheffield has a December 31 year end. (a) Prepare the journal entries required for 2020, using the asset adjustment method. (Credit account titles are automatically indented when the amount