Question 3 (13 marks) Murray Bros acquire a bottling machine on 1 July 2013 for $425,000. This machinery is expected to have a useful life of 10 years and a residual of $25,000. The company uses straight line depreciation for the machinery. On 30 June 2015 it is decided to revalue the asset to its fair value of $375,000. From this date, it is determined the remaining useful life is 8 years and residual value still $25,000. On 30 June 2016 the asset is again revalued to its fair value of $265,000. Required: Prepare the journal entries necessary to record the two revaluations for Murray Bros at: 30 June 2014 30 June 2015 and 30 June 2016 2 0