On 1 February 2022, the business purchased on credit and had installed machine 1 for $19 371 ($17 610 + $1761 GST) with a residual value $990 ($900 + $90 GST). The diminishing balance depreciation method is applied at a rate of 30% p.a.

On 1 March 2022, machine 2 was purchased on credit for $22 253 ($20 230 + $2023 GST). It was installed and commissioned on 31 March 2022 at an additional cost of $14 157 ($12 870 + $1287 GST);

the estimated residual value is $2200 ($2000 + $200 GST). Depreciation is 35% p.a. using the diminishing balance method.

On 31 July 2022, machine 3 was purchased for $38 258 ($34 780 + $3478 GST). Installation cost $15 279

($13 890 + $1389 GST) and was completed 1 September 2022. Depreciation is to be the diminishing balance method at a rate of 30% p.a. On 31 October 2023, machine 1 was used as a trade-in of $9350 ($8500 + $850 GST) on machine 4, at a cost before trade-in and including installation and commissioning of $45 408 ($41 280 + $4128 GST).

Depreciation is to be straight line at 20% p.a. and the residual value is $3850 ($3500 + $350 GST).

On 1 April 2024 machine 2 was sold for cash $16 500 ($15 000 + $1500 GST).

Prepare:

a a time line to 30 June 2024 b the appropriate depreciation worksheets to 30 June 2025 c a depreciation balance day adjustment journal for the year ended 30 June 2024, and closing journals.