Answer the following assuming a balance date of 30 June 2016. Journal narrations are not required.

4. Miles Ltd purchased machinery for $380,000 on 1 March 2016. It is estimated that the machinery will have a working life of 10 years but the company believes it will only use the machinery for 6 years and then sell it for an estimated $20,000. The company uses the straight line method of depreciation for the machinery.

The company purchased a computer on 1 July 2014 for $10,000. The company believes it will use the computer for ten years and can sell it at the end of that period for $500. The company uses the reducing balance method of depreciation and a depreciation rate of 26% p.a.

Prepare the necessary general journal entries to record the depreciation of the two assets for the financial year ending 30 June 2016.