Able Ltd purchased machinery on 1 November 2016 for $160000. The estimated useful life of the machinery is 8 years, with an estimated residual of $10000. The entity's reporting period ends on 30 June, and it uses the straight-line method of depreciation. On 1 July 2017, the value in use was estimated to be $90000 and the net selling price was $98 750. Required Prepare the journal entries in relation to the equipment from the date of acquisition