Please help me from the question. show the journal entry following the question

PartB Lyons L t d purchases a machine for $525,000 cash on 1 July 2006. The machine is to be depreciated on a straight-line basis over 5 years with an estimated residual value at the end of that time of $25,000. Net selling price 30 June 2007 30 June 2008 30 June 2009 $ 455,000 270,000 190,000 Value in use $ 490,000 310,000 180,000 Market value $ 480,000 295,000 205,000 Required Prepare all journal entries related to the machine that are required on 30 June 2007, 2008 and 2009. Lyons Ltd uses the cost model to record and report its non-current assets. Narrations are not required. (Assume no changes to the estimated useful life and residual value of the machine. Round all calculations to the nearest dollar.) [6 marks] [Total for Question 2 = 12 marks] Semester 2, 2014, Ordinary Exam continued