Kiev Co. purchases a machine on 1 January 20X0 for €240,000. Depreciation is charged at 10 per cent on cost. On 30 June 20X4, the machine is sold for €120,000 and the proceeds used to buy a new vehicle for the chairman. Motor vehicles are depreciated at 25 per cent on cost and all depreciation is calculated proportionately in the years of acquisition and disposal.

What are the entries in the income statement for the year ended 31 December 20X4?