D Peggy has provided the following information:

– Office furniture was purchased with debit card on 1 July 2020 for $7920 ($7200 + $720 GST) with a 10% p.a.

depreciation rate.

– Machinery was purchased with debit card on 1 January 2021 for $52 800 ($48 000 + $4800 GST), depreciated at 15% p.a.

– A motor vehicle was purchased with debit card on 1 January 2022 for $42 900 ($39 000 + $3900 GST), with a residual value estimated at $6600 ($6000 + $600 GST) and a useful life of three years.

Using the above information and assuming straight line depreciation, prepare for the years ended June 2021 and June 2022:

• balance day adjusting journals

• extract income statement and balance sheet.