Machine was acquired on September 25, 2018, at cost of USD 384 000. It has an estimated useful life of 8 years and no residual value.

1. What were the annual amounts of depreciation for the years 2018 and 2019 using the straight line method of depreciation?
2. What was the net book value of the machine on January 1, 2020?
3. Assuming that the machine was sold on July 15, 2020, journalize the entries to record the sales. Selling price 320 000, VAT 23%. Company used external service to deliver the equipment to buyer (invoice USD 2 000 + 23 % VAT)