On 30 November 2021, a motor vehicle was purchased for cash $45 738 ($41 580 + $4158 GST) with an estimated residual value of $5038 ($4580 + $458 GST) and was to be depreciated using the diminishing balance method at 35% p.a.

On 1 May 2022, office equipment was purchased on credit for $15 510 ($14 100 + $1410 GST) with an estimated residual value of $220 ($200 + $20 GST) and is to be depreciated using the straight line method at 10% p.a.

On 30 April 2024, the motor vehicle purchased on 30 November 2021 was used as a trade-in of $15 400

($14 000 + $1400 GST) on the purchase of a larger motor vehicle, which had a cost excluding the trade-in allowance of $67 452 ($61 320 + $6132 GST) and a residual value of $14 300 ($13 000 + $1300 GST); it is to be depreciated at 40% p.a. using the diminishing balance method. Prepare:

a a time line of events using 30 June as the end of the financial year b the appropriate depreciation worksheets to the year ended 30 June 2025, and c an income statement for the year ended 30 June 2024.