In a business with financial years ended 31 December. A machine is bought for P420,000 on 1 January Year 1. The estimated useful life is 10years. In Year 5, the machinery has been sold for P280,000. Show the accounting entries for each year up to Year 5 using the sinking fund at 18%. You are to show for each year up to 31 Dec Year 5: (a) Machinery account

(b) Provision for depreciation

(c) Disposal account

(d) Profit and loss account

(e) Balance sheet