Question 3 (13 marks) Please note that Part A, Part B and Part C are not related. Part A (3 Marks) XYZ Ltd purchased the following two machines. Due to different nature of these machines, different depreciation methods are applied. Machine Acquired 1 Jan 2014 2 1 May 2015 Cost $56 000 42 000 Residual value $5 000 2 000 Useful life 5 years | 20 000 hours Method Straight-line Units-of-production The accounting period ends on 30 June. Ignore GST. For the financial year 2017-2018, actual hours of using Machine 2 was 4 000. Required: 1) Calculate the depreciation expenses of Machine 1 and Machine 2 for the year ended 30 June 2018. (2 Marks) 2) Prepare the journal entry to record depreciation expense on Machine 1 for the year ended 30 June 2018. (1 Mark)