Beans Ltd purchased a machine costing $1,000,000 including installation costs of $300 on 1 January 2020 for cash. The estimated useful life of the machine was 8 years with no salvage value.

On 31 December 2023, the useful life of the machinery was adjusted to 5 years from the date of purchase.

Required:

Provide the journal entries relating to this machinery for 2021, 2022 and 2023.

Date	Particulars	Dr ($)	Cr ($)
01/01/21
	Acquisition of machine
31/12/21
	Annual depreciation =
31/12/22
	Annual depreciation
31/12/23
	Annual depreciation =