Graveler Ltd purchased machinery for $380,000 on 1 March 2021. It is estimated that the machinery will have a working life of 10 years but the company believes it will only use the machinery for 6 years and then sell it for an estimated $20,000. The company uses the straight line method of depreciation for the machinery. Prepare the necessary general journal entries to record the depreciation of the machinery for the financial year ending 30 June 2021. 

Date	Account Name	Debit ($)	Credit ($)

Answer rating: 100% (QA)

Value of machinery 380000 The useful life of machinery for Graveler Ltd 6 years Realizable value ... View the full answer