Kerevi Ltd leases a machine for making dog crates from the rennie bank on 1 July 2020. The lease id for 5 years, paymetn in advance and the inital lease payments of 80000 is require at inception and four payments of 80000 are required in susbsequent years and payable 30 June. The implict interest rates in the lease if 8%p.a. At the end of the lease Kerevi retains the machine which has a useful life of 10 years with a salvage value of 80000.

Unfortunately, during the year ended 30 June 2022, there is a less dog travel and there is fall in demand for dog crates. At this time, the recoverable amount of the machine is determiend to be 180000. The useful life is now only 5 years abd a salvahe value of 40000 is estimted. Kerevi now has a 30 year end.

Record the necessary jounral enttires for:

1. 1 july 2020

2. 30 June 2021

3. 30 June 20022