Question: QUESTION 4 25 points Save Answer Part A Powerhouse Lid purchased machinery on 2 January 2019, at a cost of $800 000. The machinery is

QUESTION 4 25 points Save Answer Part A Powerhouse Lid 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 with 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 Assuming the financial year ends on 31 December, prepare journal entries to record: (Narrations are required) a. the purchase of the machinery on 2 January 2019 (3 marks) b. depreciation expense for 2019, 2020 and 2021 (6 marks) c. the overhaul expenditure on 3 January 2022 (6 marks) d. depreciation expense for 2022. (5 marks) Part A Date Particulars Debit Credit Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit MacBook Air 5 8

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