Able Ltd purchased machinery on 1 November 2016 for $215,700. The estimated useful life of the machinery is 10 years, wi estimated residual of $10,200. The entity's reporting period ends on 30 June, and it uses the straight-line method of depreci On 1 July 2017, the value in use was estimated to be $85,000 and the net selling price was $94,140. Required Prepare the journal entries in relation to the equipment from the date of acquisition. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amoun entered. Do not indent manually.) Able Ltd Journal entries Debit $ Credit $ Date Account and explanation 1 Nov. 2016 (Purchase) Debit $ Credit Credit $ Date Account and explanation 1 Nov. 2016 (Purchase) 30 June 2017 (Annual depreciation) 1 July 2017 (Impairment write-down) Account and explanation Accumulated amortisation franchise 17 Accumulated amortisation patents Accumulated depreciation computer Accumulated depreciation equipment Accumulated depreciation machinery Accumulated depreciationtruck Accumulated impairment loss Amortisation expense Cash 2017 Computer Delivery truck Depreciation expense Equipment (Franchise GST collected GST paid Tor Later Impairment loss B Account and explanation 16 > uld lau