external reporting

Revaluation of assets
    Date     Particulars    PR     Debit     Credit                Calculations
    7/1/16    Machine    N/A    $ 120,000
         Cash at bank            $ 120,000
        ( To record machine acquistion)
    6/30/17    Depreciation expense - Machine    N/A    $ 20,000                    Depreciation expense = Cost of the asset - residual value / Life of the asset
         Accumulated depreciation - Machine            $ 20,000                $120000 - $20,000 / 5= $20,000
        (To record depreciation expense for the year)
    6/30/17    Machine    N/A    $ 10,000                    $ 120000 - $20,000 = $100,000 - $110,000 = $10,000
         Gain on revaluation - Machine             $ 10,000
        (To record revaluation gain on Machine)
    6/30/17    Gain on Revaluation - Machine     N/A    $ 10,000
         Revaluation surplus            $ 10,000
        (To record transferring the gain)
    6/30/18    Depreciation expense - Machine    N/A    $ 30,000                    $110,000 - $20,000 / 3 = $30,000
         Accumulated depreciation - Machine            $ 30,000
        (To record depreciation expense for the year)
    6/30/18    Loss on revaluation - Machine    N/A    $ 18,000                    $110,000 - $30,000=$80,000 - $62,000 = $18,000
         Machine            $ 18,000
        (To record ...