Entity A is a listed company. It is a local production company that produces different types of chemical products for different customers. To prepare for the company's development, Entity A planned to acquire additional machines in the year 2018.

On 1 July 2018, Entity A purchased a chemical machine from Entity B on credit. The purchase price was $8,800,000 and it will be fully settled on 1 August 2018. A legal and professional fee of $67,863 was paid by a cheque to Entity C in order to ensure the machine can be ready for use on 1 July 2018.

The economic life of the machine is 5 years without any residual value. According to the purchase contract, Entity A is required to remove the machine on 30 June 2023.

Entity A estimated the dismantling costs of the machine will be $64,000 on the day of removal. Finally, the actual dismantling costs were $83,500 and they were paid by a direct bank transfer to a professional dismantling service provider, Entity D on the same date.

On 1 July 2023, an environmental recycling company, Entity E, purchased all the machine scraps for $33,380 on credit and agreed to pay in full on 16 July 2023.

Entity A always applies to discounts with a rate of 9.12%. The end of the reporting period is 30 June. Entity A adopts the cost model and the straight-line depreciation method for the measurement of the chemical machine.

REQUIRED:

According to relevant accounting standards, prepare journal entries to record the transactions of Entity A between 1 July 2018 and 16 July 2023.