P Way purchased a motor vehicle on 1 July 2021 for $38 500 ($35 000 + $3500 GST) with an estimated residual value of $3300 ($3000 + $300 GST) and an estimated useful life of four years. Using straight line depreciation, prepare the general journal on 30 June 2022:

• for the balance day adjustment, and

• to close the expense to profit and loss account.

Prepare an extract income statement and balance sheet.