Hey I need help with question 2, I did calculations but was told to do it sgsin. It has 2 parts (Part A & Part B). I have attached the questions its self and my answers with feedback. Thanks.

Questions

Nathan Oyet QUESTION 2 I notice you have multiple numerical errors and miscalculations. I would advise that you go through this Powerhouse Ltd purchased machinery on 2 January 2019, at a cost of $800 000. The machinery is question in depth or maybe redo it. depreciated using the straight-line method over a useful life of 8 years & a residual value of $80 000. Nathan Oyet On 3 January 2022, an overhaul of the machinery was made at a cost of $112 000. Because of this When an overhaul is carried out, you have to write off the accumulated depreciation that has been amassed so far. overhaul, the useful life was re-estimated at 4 years from 3 January 2022, and the residual value was Please download the image below to see how its done. Overhauls and replacement of major parts amended to $40 000. The carrying amount of parts replaced was considered to be $10 000. beyond the original examine by adding materially to the asset's future capability to produsg goods or Required: estimated to have a worful life of 5 years with a residual value of 5400 At the end of the van's fourth year its carrying amount is $10 060, as shown before. (a) Assuming the financial year ends on 31 December, prepare general journal entries to record: All the beginning of the fifth year. it is decided to replace the yan's engine at a coat of $1500 plus GST. was considered to have a carrying expenditure me . told singing amount of $5030, and was written off. The erics to record this capital i. the purchase of the machinery on 2 January 2019 24006 Fleversng the 2909m 24 90 ii. depreciation expense for 2019, 2020 and 2021 cash at Bank Installation of a new engine) Expense on Dicksall iii. the overhaul expenditure & expense of parts replaced on 3 January 2022 iv. depreciation expense for 2022. (b) Prepare the following ledger accounts for the period January 2019 to 31 December 2022: i. Machinery ii. Accumulated Depreciation - Machinery. a) i. GENERAL JOURNAL POWERHOUSE LTD. Date Account Title Debit Credit 2019 Machinery $800, 000 Jan. 2 Notes Payable $800, 000 (To record purchase of Machinery) ii. Date Account Title Debit Credit Nathan Oyet 2019 Depreciation Expense $72,000 Incorrect calculation of annual depreciation. Should be Dec. 31 Accumulated depreciation-equipment $72,000 90,000 (To record Depreciation Expense)QUESTION 2 Powerhouse Ltd purchased machinery on 2 January 2019, at a cost of $800 000. The machinery is depreciated using the straight-line method over a useful life of 8 years & a residual value of $80 000. On 3 January 2022, an overhaul of the machinery was made at a cost of $112 000. Because of this overhaul, the useful life was re-estimated at 4 years from 3 January 2022, and the residual value was amended to $40 000. The carrying amount of parts replaced was considered to be $10 000. Required: (a) Assuming the financial year ends on 31 December, prepare general journal entries to record: i the purchase of the machinery on 2 January 2019 ii. depreciation expense for 2019, 2020 and 2021 iii. the overhaul expenditure & expense of parts replaced on 3 January 2022 iv. depreciation expense for 2022. (b) Prepare the following ledger accounts for the period January 2019 to 31 December 2022: i. Machinery ii. Accumulated Depreciation - Machinery. (a) i. GENERAL JOURNAL POWERHOUSE LTD. 2019 Jan. 2 2019 Dec. 31 2020 Dec. 31 2021 Dec. 31 iii. 2022 Jan. 3iv. 2022 Dec. 31 (b) GENERAL LEDGER POWERHOUSE LTD. Machinery 2/1/19 3/1/22 3/1/22 30/6/22 1/6/22 Accumulated Depreciation - Machinery 3/1/22 31/12/19 31/12/20 31/12/21 31/12/22 31/12/22 31/12/222020 Depreciation Expense $72,000 Dec. 31 Accumulated depreciation-equipment $72,000 (To record Depreciation Expense) 2021 Depreciation Expense $72,000 Dec. 31 Accumulated depreciation-equipment $72,000 (To record Depreciation Expense) iii Date Account Title Debit Credit 2022 Machinery $112,000 Jan. 3 Accounts Payable $112,000 (To record overhaul of the machinery on account) iv. Date Account Title Debit Credit 2022 Depreciation Expense $165, 500 Dec. 31 Accumulated depreciation-equipment $165,000 (To record Depreciation Expense) (b ) GENERAL LEDGER POWERHOUSE LTD. Nathan Oyet Machinery Should be 800,000 2/1/19 $80,000 3/1/22 $1,000 Nathan Oyet 3/1/22 $112,000 Should be 10,000 30/6/22 $902,000 $902,000 1/6/22 Accumulated Depreciation - Machinery 3/1/22 0 31/12/19 $9,000 31/12/20 $9,000 31/12/21 $9,000 31/12/22 $148,000 31/12/22 $418,00 0 $418,00 $418,000