Can you please help me fix my entries? I know the a) is correct as you have to combine the costs for for the machine, so it's 55500. But I screwed up afterwords. And can you please do the calculations as well? Thank you so much!

BATAM Unit 2 Activity 6 Summative Assignment PART A-Transactions and Journal Entries 1. Perth Construction Company The Perth Construction Company purchased a piece of machinery on June 29, 2013 for $53 000. Freight costs came to $800. It cost $1 700 to install and test the machinery. At this time it was estimated that the machine would be used for six years and would have a residual value of $8 000 at that time. Before recording the 2016 amortization expense, the owners realized that this machinery would last only five years, and therefore revised the amortization expense calculation. On July 2, 2017, the machine broke down and rather than repair it, the company decided to sell it for $12 000. a) Prepare the journal entry to record the purchase of the machine on June 29, 2013. b) Calculate the amortization charges that would appear on the 2013 and 2014 income statements, using the straight line method of amortization. c) Show the journal entry for the 2013 amortization. d) Show how the machine would appear in the Perth Construction Company Balance Sheet on December 31, 2015, presuming the straight-line method of amortization is used. e) Briefly explain why no journal entry would be made to correct previous years' records after the new estimate in 2016 for expected life. Give one GAAP to support your argument. f) Prepare the journal entry for the July 2, 2017 transaction. Perth Construction Company CALCULATIONS and Financial Statement General Journal Particulars Page 1 Credit Debit Date 2013 a) June 55,500.00 (b) 55,500.00 2013: = (55,500-800076 6/12 29 Machinery Equipment Accounts Payable To record the purchase of machinery and related capital expenditures 31 Amortization Expenses Machinery Accumulated Amortization Machinery To record amortization of machinery using straight-line method 7916.67 *6/12 $3,958,33 c) Dec 3,958.33 3.958.33 2014: = (55,500-800076 = S 47500,00 /6 7.916.67 e) There wouldn't be a journal entry created to fix the previous year's records due to the mathcing principle. This is because (d) Perth Construction Company Partial Balance Sheet December 31, 2015 Fixed Assets Machinery Equipment $55,500.00 Accumulated Amortization Machine $19,791.67 $35,708.33 f) 2017 July 2 Cash Accumulated Amortization Machinery Loss on Disposal Equipment Equipment Machinery To record the sale of an asset below the book value 12,000.00 34,041.67 9,458.33 (f) Amortization Expense: = (55500-800075 55,500.00 47500 75 9500 = 114,958.33 114,958.33 e) There wouldn't be a journal entry created to fix the previous year's records due to the mathcing principle. This is because (d) Perth Construction Company Partial Balance Sheet December 31, 2015 Fixed Assets Machinery Equipment $55,500.00 Accumulated Amortization Machine $19,791.67 $35,708.33 2017 f) July 2 Cash Accumulated Amortization Machinery Loss on Disposal Equipment Equipment Machinery To record the sale of an asset below the book value 12,000.00 34,041.67 9.458,33 (0) 55,500.00 Amortization Expense: = (55500-800075 47500 /5 9500 114,958.33 114,958.33 = Accumulated Amortization Machine ((7916.67*2.5) + (9500*1.5)) $ 34,041.67 = Loss on Disposal Equipment = 55500-12000+34041.67) 9,458.33 Perth Construction Company CALCULATIONS and Financial Statement General Journal Particulars Page Credit Debit Date 2013 a) (b) c) (d) Perth Construction Company Partial Balance Sheet December 31, 2008 f) (1)