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Question 1 011 1 January 2022, OCE Engineering bought a machine. The following information relates to the machine: Purchase price $80,000 Custom duty 5,000 Transportation 1 ,000 Insurance while in transit 500 Installation 300 Damage during installation 200 Testing for use 1,200 Determine the cost of the machine. Question 2 Rand Engineering Company purchased new machinery on 1 January 2019 for $35,000 cash. The machinery has a useful life of 10 years and scrap value of $5,000. The machinery was subsequently sold for $20,000 cash on 30 June 2021. The company uses the straight-line method of depreciation. Calculate the gain or loss on disposal of the machinery