Question $4\mathrm{.}3$

On $1$ January, $2020$ a limousine was purchased by Tido's luxury hotel at an acquisition cost of $240,000.$ Tido depreciates the limousine using the straight line method over a four$-$year service life, and the limousine is expected to have a residual value of $40,000.$ The company's fiscal year ends on $31$ December.

Prepare a journal entry to record the disposal of the limousine assuming it was scrapped on the $1$st of January $2024$ and that it was sold for $60,000$ on the $1$st of July $2023.$

Prepare the journal entry for the sale of the limousine$.$