February 1, 2022: Burnham Costuming exchanged a piece of machinery with a fair value of $400,000 for a new and more advanced model with a fair value of $900,000. Though the initial purchase price of the old machine was $800,000, its book value from the prior accounting period was $350,000. Burnham Costuming paid an additional $300,000 for the machinery, as well as HST on the fair value of the new model. Burnham plans to use the machine to manufacture and process goods to be rented to customers. Both the new and old machines have an estimated salvage value of $5000, and are accounted for under the CRAs CCA classes

Write the entries for these accounts:

Depreciation Expense ____

Accumulated Depreciation - Machinery (old) ____

Machinery (new) ____

Accumulated Depreciation Machinery (old) ____

HST Recoverable

Machinery (old) ____

Bank

Gain on Disposal ____