Question 4b (16 marks) - Recommended time allowance: 20 minutes Swan Ltd owned two machines within the same class of property, plant and equipment. Details of the machines as at the end of reporting period 30 June 2018 are as follows: Machine A Machine B Purchase date 10 March 2016 1 July 2016 Cost ) $45 000 $52 000 Useful life 5 years 6 years Residual value $ 3 000 $ 7000 Swan Ltd calculates depreciation to the nearest month and all amounts are rounded to the nearest dollar. Straight-line depreciation and the cost model is used for machinery. Required Prepare general journal entries to record the following transactions: 1 July 2018 Overhauled machine B at a cost of $13.000, after which it was estimated that the useful life would be increased by 2 years to a total of 8 years and the residual valud increased to $10 000. 25 February 2019 Traded-in machine A for office furniture. The fair value of machine A on that date was $11 500. In addition, SI 000 cash was paid to Cygnet Ltd for the office furniture. Cygnet Ltd had recorded the original cost of the furniture at $36 000 and accumulated depreciation at $24 100. Swan Ltd estimated the new useful life for the fumiture would be 8 years and the residual value $540. 30 June 2019 Record depreciation. DR 4.1 CR ..6. GR.491.. Question 4 - Answer 30:7:17.defeui..on maclumes Accumlat.caldes. 52000*7000 6207 Ace cup ...de machines 30.8-1...... 4 loan .... ... Audemachake.... ...Accep.ale in full ............. 1.7:18.... ...Muham..... Ackde......... od scrapueline..... so machine B 6.249 6249.. 6205 162la... 2.6.0.2% 12498 x B000 S2000