Hi,

I'm having trouble with the following question:

Dove Ltd operates a factory that contains a large number of machines designed to produce knitted garments. These machines are generally depreciated at 10% p.a. on a straight-line basis. In general, machines are estimated to have a residual value on disposal of 10% of cost. At 1 July 2017, Dove Ltd had a total of 64 machines, and the statement of financial position showed a total cost of $403,000 and accumulated depreciation of $125,000. During 201718, the following transactions occurred:

1.

On 1 September 2017, a new machine was acquired for $14,000. This machine replaced two other machines. One of the two replaced machines was acquired on 1 July 2014 for $7,900. It was traded in on the new machine, with Dove Ltd making a cash payment of $8,400 on the new machine. The second replaced machine had cost $8,600 on 1 April 2015 and was sold for $7,000.

Record each of the transactions.