Andrew, the owner of Andrew's Slabs, purchased a bench planer (Asset No. 346) from Mullum Machinery on 1st July 2016 that cost $18,000. It is expected to produce 5,000 items during its life in the workshop. At the end of its working life, its scrap value will be $1,000. The machine has been operating for two years. Its production in each of those years has been 800 and 1000 units respectively. It is being depreciated on the units of production method. Balance day is 30 June each year. On the 1st of July 2016, Andrew also purchased a standing drill (Asset No. 348) from Danny's Drills. It cost $5,000 and will be used daily in the Workshop for a vanety of purposes. The equipment has a useful life of 4 years and a residual value of $800. The straight-line deprecation method is used for this asset. Complete the following activities in the Asset Register Worksheet: 1. Prepare journal entries according to standard practice to record the purchase of assets, depreciation expense and accumulated depreciation for the years ended 30 June 2016 and 2017 . Show your workings for the depreciation calculation. 2. Prepare asset registers for the two items. 3. Prepare the correcting joumal entries for the following: If you subenit wot Instructions for Task 3 Carefully read the following: decided to depreciate it at 30%. truck was $15,300 he paid the balance, $44,000, in the following activities