The following errors were discovered during the current year.

1. A machine with a cost of $33500 and accumulated depreciation to the date of sale of $24000 was sold for $9000. The sale was recorded by a debit to Cash at Bank and a credit to Machinery for $9000.

2. Depreciation of machinery, $3240, was incorrectly credited to Accumulated Depreciation – Buildings.

3. Delivery equipment, purchased on 1 July for $18 620, was debited to the Purchases account. The equipment has a useful life of 4 years and an estimated residual value of $900. The straight-line depreciation method is used for delivery equipment.

4. Land taxes of $9320 were paid and debited to Land Tax Expense. Of this, $4200 was back taxes from previous years on land purchased during the current year.

5. A machine with a cost of $42000 and accumulated depreciation to the date of exchange of$16000 was exchanged on 23 December for a new machine with a cash price of $52000. Atrade-in allowance of $20 000 was allowed on the old machine. The following entry was made:

Machinery Accumulated Depreciation – Machinery Machinery Cash at Bank

58000 16000

42000 32000

6. The cost of installing security lighting, $8000, was charged to Maintenance Expense on 4 January. The lights have a useful life of 8 years and no residual value. Assume straight-line depreciation.

Required

Prepare general journal entries to correct the errors assuming the accounting records have not been closed for the current year ending 31 December.