M Tomah purchased two machines on 1 January 2022; they were both installed and commissioned on 1 February 2022. Machine 1 cost $48 700.30 ($44 273.00 + $4427.30 GST), has a residual value of $2940.30 ($2673 + $267.30) and is to be depreciated at 15% p.a. straight line. Machine 2 cost $66 871.20 ($60 792.00 + $6079.20 GST), has a scrap value of $2521.20 ($2292.00 + $229.20 GST) and is to be depreciated at 25% p.a. diminishing balance.

On 1 April 2023, machine 1 was sold for $29 700 ($27 000 + $2700 GST).

On 1 April 2023, machine 3 was purchased, installed and commissioned at a cost of $46 772 ($42 520 + $4252 GST). It has a residual value of $1672 ($1520 + $152 GST) and is to be depreciated at 30% p.a. diminishing balance. You are required to prepare:

a. a time line from 1 January 2022 to 30 June 2023

b. depreciation worksheets for each machine to 30 June 2024, and

c. an extract income statement and balance sheet for 30 June 2023.