Sorry this is Accounting task, not Finance.

QUESTION 2 (cont.) Part B (not related to Part A) Laguna Ltd purchased machinery on 2 January 2017, at a cost of $800 000 plus GST. 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 2020, an overhaul of the machinery was made at a cost of $112 000 plus GST. Because of this overhaul, the useful life was re-estimated at 4 years from 3 January 2020, 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: 1. The purchase of the machinery on 2 January 2017 II. Depreciation expense for 2017, 2018 and 2019 III. The overhaul expenditure on 3 January 2020 IV. Depreciation expense for 2020. B D 2017 Jan. 2 2 3 6 2017 Dec. 31 was considered to be $10 000. Required Assuming the financial year ends on 31 December, prepare journal entries to record: 1. The purchase of the machinery on 2 January 2017 II. Depreciation expense for 2017, 2018 and 2019 III. The overhaul expenditure on 3 January 2020 IV. Depreciation expense for 2020. 1. B D 2017 2 Jan. 2 2 3 4 5 2017 Dec. 31 2018 Dec. 31 2019 Dec. 31