Khan Ltd entered into the following transactions during the year ended 31 December 2019. Ignore GST.

Required

Prepare entries in general journal form to record the above transactions.

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Jan. 4 Mar. 30 April 1 July 1 Sept. 1 Oct. 31 Dec. 31 Sold for $17600 a machine that had cost $35 000 on 2 January 2016. The machine's useful life and residual value were 5 years and $5000 respectively. Accumulated depreciation on the machine to 31 December 2018 was $18000. Scrapped a machine that cost $32 000 and had accumulated depreciation of $28000. Disposal costs of $500 were incurred. Exchanged a block of land that had cost $200000 for machinery. The fair value of the land given up was $220 000. Exchanged a machine with a cost of $92000 and accumulated depreciation to the date of exchange of $62000 for a new similar machine. A trade-in allowance of $25000 was received for the old machine and $60 000 was paid in cash. Sold for $45000 cash a machine that cost $105000 on 31 August 2014. The machine had a useful life of 6 years and a residual value of $9000 when purchased. On 31 December 2018, straight-line depreciation of $16000 p.a. was recorded. No depreciation has yet been recorded for 2019. Exchanged a building with a cost of $275 000 and accumulated depreciation to the date of exchange of $195 000 for a machine. The fair value of the building at this date was $90000. Recorded amortisation of the company's natural gas reserve. The reserve was purchased on 1 January 2019 for $90 000 000. On the date of purchase, the reserve was estimated to contain 40 000 000 units of natural gas and to have a residual value of $10 000 000. One million units of gas were extracted and sold during 2019.