Question 2 (10 marks) DeepMine purchased mining equipment at a purchase price of $605,000 (GST Inclusive) on 30 June 2018. The mining equipment is depreciated at 20% a year using the reducing balance method of depreciation and is expected to have a residual value of $100,000. On 30 June 2020, DeepMine paid $77,000 (GST Inclusive) to upgrade the equipment which significantly increased its residual value and paid an additional $1,430 (GST Inclusive) in regular maintenance expenses. The depreciation rate and depreciation method remained unchanged. On 31 March 2021, due to a decreased demand for its services, DeepMine sold the mining equipment purchased on 30 June 2018 in cash at a loss of $30,000. Required: Record depreciation expense entries on 30 June 2019, 30 June 2020, 30 June 2021, equipment upgrade and maintenance on 30 June 2020 and sale of equipment on 30 June 2021 in the General Journal below. GST needs to be accounted for. Narrations are not required. Date Accounts Dr ($) Cr ($) = Question 2 (10 marks) DeepMine purchased mining equipment at a purchase price of $605,000 (GST Inclusive) on 30 June 2018. The mining equipment is depreciated at 20% a year using the reducing balance method of depreciation and is expected to have a residual value of $100,000. On 30 June 2020, DeepMine paid $77,000 (GST Inclusive) to upgrade the equipment which significantly increased its residual value and paid an additional $1,430 (GST Inclusive) in regular maintenance expenses. The depreciation rate and depreciation method remained unchanged. On 31 March 2021, due to a decreased demand for its services, DeepMine sold the mining equipment purchased on 30 June 2018 in cash at a loss of $30,000. Required: Record depreciation expense entries on 30 June 2019, 30 June 2020, 30 June 2021, equipment upgrade and maintenance on 30 June 2020 and sale of equipment on 30 June 2021 in the General Journal below. GST needs to be accounted for. Narrations are not required. Date Accounts Dr ($) Cr ($) =