Question: Deakin Ltd purchased a machine on 1 July 2018 for $82,000 cash. Additional expenditures were made for transportation $500 and installation $4,500. It was

Deakin Ltd purchased a machine on 1 July 2018 for $82,000 cash. Additional expenditures were made for transportation $500 and installation $4,500. It was estimated that the machine would have a useful life of 7 years and a residual value of $3,000. Deakin Ltd's financial year ends 30 June and it prepares adjusting entries for depreciation at the end of every financial year. Deakin Ltd uses the straight-line method of calculating depreciation. On 1 July 2020, the machine was sold for $65,000. Required: Prepare general journal entries to record the above transactions and events in relation to the acquisition and sale of the machine. Narrations are not required. (Ignore GST). (5 marks)

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