Determine the depreciation expense of the printing press for the year ending 30 June 2021. Show your calculations.

The following information relates to questions 15 and 16. On 2 January 2020 Wilton Press purchased a second-hand printing press for $68,200 (GST inclusive) paying $10,000 cash and obtaining a loan for the balance of the machine. Wilton Press uses the straight-line depreciation method. The estimated useful life of the machine is 4 years with a residual value of $4,000. Wilton Press is registered for GST. On 30 June 2020 the machine's major operating parts were overhauled at a cost of $19,800 (GST inclusive) after which the printing press is expected to have a useful life of 6 years. There was no change to the residual value of the printing press. The carrying value of the parts replaced was $8,000. All expenses were paid in cash. > Question 15 13 pts Prepare general journal entries to record: Purchase of the printing press on 2 January 2020. Depreciation expense for the year ending 30 June 2020, Overhaul of the printing press on 30 June 2020. Narrations are not required. Show your calculations