Norbeck Company Limited has a year end of 31 December and operates a factory which makes computer chips for Mobile Phones. It purchased a machine on 1 January 2013 for $300,000 which had a useful life...

Norbeck Company Limited has a year end of 31 December and operates a factory which makes
computer chips for Mobile Phones.
It purchased a machine on 1 January 2013 for $300,000 which had a useful life of ten years and is
depreciated on the straight-line basis. The estimated scrap value of the machine is $15,000. The
machine was revalued to $270,000 on 31 December 2015.
There was no change to its useful life at that date. A fire at the factory on 31 December 2016
damaged the machine leaving it with a lower operating capacity. The Accountant believes the
company should recognize an impairment loss in relation to this damage. The Accountant provides the
following estimates:

 An equivalent machine would cost $550,000
 The damage machine can be sold in its current position for $130,500

a. Calculate the net book value of the machine prior to its revaluation?