Exercise 3 - Disposal of non-current assets Presented here are selected transactions for Cox Ltd for 2019.

Jan 1 Scrapped a piece of machinery that was purchased on 1 January 2009. The machine cost $78 000 and had a useful life of 10 years with no residual value.

June 30 Sold office equipment that was purchased on 1 January 2016. The equipment cost $73 500 and had a useful life of 5 years with no residual value. The office equipment was sold for $30 000.

Dec. 31 Discarded a delivery truck that was purchased on 1 January 2015. The truck cost $40 500 and was depreciated based on an 8-year useful life with a $4500 residual value. Required Journalise all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cox Ltd uses straight-line depreciation. The financial year-end is 31 December.