Consider each of the following transactions and examine whether they satisfy the income definition criteria using the accrual method of accounting:

1. Received cash for services to be provided in the next reporting period.
2. Borrowed money from a bank.
3. Credit sale of goods.
4. Received cash for goods sold.

Coconut Plantations Pty Ltd purchased machinery for its manufacturing process on 1 March 2018.

1. The machinery cost $600 000.
2. Coconut Plantations estimates that the machinery has a useful life of five years.
3. The machinery has a $50 000 residual value.
4. Using straight-line depreciation, estimate the depreciation expense to be recorded in the statement of profit or loss for the year in which the machine was purchased, assuming Coconut Plantations reporting period ends on 31 December.