Cars and Trucks Plc Owns an Engine Testing Machine Which

Cars and Trucks Plc 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 IASB 16 requirements?

A) $\begin{array}{|c|l|r|r|}\hline \mathrm{Dr} & \text { Cash at bank } & 60000 & \\\hline \mathrm{Cr} & \text { Proceeds from testing machine sold } & & 60000 \\\hline & & & \\\hline \mathrm{Dr} & \text { Accumulated depreciation } & 95360 & \\\hline \mathrm{Dr} & \text { Carrying amount of testing machine sold } & 24640 & \\\hline \mathrm{Cr} & \text { Testing machine } & & 120000 \\\hline\end{array}$
B) $$\begin{array} { | l | l | r | l | } \hline \mathrm { Dr } & \text { Cash at bank } & 60000 & \\\hline \mathrm { Cr } & \text { Profit on sale of land } & & 35360 \\\hline \mathrm { Cr } & \text { Testing machine } & & 24640 \\\hline\end{array}$$
C) $$\begin{array} { | c | l | r | r | } \hline \mathrm { Dr } & \text { Cash at bank } & 60000 & \\\hline \mathrm { Cr } & \text { Proceeds from sale of land } & & 60000 \\\hline & & & \\\hline \mathrm { Dr } & \text { Carrying amount of land sold } & 43200 & \\\hline \mathrm { Dr } & \text { Accumulated depreciation } & 36800 & \\\hline \mathrm { Cr } & \text { Testing machine } & & 80000 \\\hline\end{array}$$
D) $$\begin{array} { | l | l | r | l | } \hline \mathrm { Dr } & \text { Cash at bank } & 60000 & \\\hline \mathrm { Dr } & \text { Accumulated depreciation } & 36800 & \\\hline \mathrm { Cr } & \text { Profit from sale of testing machine } & & 16800 \\\hline \mathrm { Cr } & \text { Testing machine } & & 80000 \\\hline\end{array}$$