3: Everyday machine Sneak Peak (Pty) Ltd purchased the everyday machine on 1 April 2022 amounting to R1 850 000 and was available for use on the same date. The residual value of the everyday machine was R10 000. The everyday machine was damaged due to a waterpipe burst at the Sneak Peak (Pty) Ltd factory building which occurred in December 2022. An impairment loss amounting to R415 000 was recognised during the 2022 financial year-end. On 31 December 2023, management determined the fair value less costs of disposal of the everyday machine to be R1 250 000. The value in use was determined by management amounting to R1 310 000. Additional information: Ignore all income tax implications. Sneak Peak (Pty) Ltd uses the cost model for property, plant, and equipment. All machines measured under the cost model are depreciated on the straight-line basis over the assets useful life. Machines have a useful life of 5 years Prepare all the general journal entries to account for the Everyday machine in the annual financial statements of Sneak Peak (Pty) Ltd as at 31 December 2023 so as to be in compliance with the International Financial Reporting Standards. Journal dates and narrations are not required. Round all answers to the nearest Rand. (19 marks)