Cars and Trucks Limited Owns an Engine Testing Machine Which

Multiple Choice

Cars and Trucks Limited owns an engine testing machine which was purchased for $120,000. After 3 years of use the machine had accumulated depreciation of $58,560 but was revalued to $80,000. Two years later the machine was sold for $60,000 and had accumulated depreciation at the time of sale of $36,800. What journal entries would be required to record the sale of the machine in accordance with AASB 116 requirements?

A)
B)
C)
D)
E) None of the given answers.