c) Calculate the balance of accumulated depreciation at the end of the second year Question 1 (10 marks) XYZ Limited (XYZ) decided to purchase new machinery on the 1st day of July 20X3. The cost of new machinery is $303440. XYZ paid the freight cost of $5158 and the installation cost of $6979. This machine is expected to produce 6000 units during its life with a residual value of $3034. The machine produced 1000 units each year. The yearly production of this machine remains the same during its useful life. We have discussed different methods of depreciation in this unit. Please use the appropriate method of depreciation to solve this question. Ignore GST. Required: a) Determine the cost of the machine [4 Marks] ANSWER a): Answer box will enlarge as vou tvpe [ b) Assuming that the financial year ends on 30 June, record the journal entry of depreciation expenses on 30 June 204 [3 Marks]