Monarch Manufacturing purchased a new forklift and a packing machine. A check of Monarch$$s records revealed that an Asset Register record for the forklift vehicle and the packing machine had not been created. The Manager has now asked you to prepare the Asset Register record for these assets consistent with Monarch Manufacturing$$s organisational policy and procedures. She has provided you with the following information:

Forklift

$$ A forklift, a Toyota Hi$-$Lift, was purchased for $$80,000($excluding GST$)$ on the $1$ July $2018$ from Queens Street Toyota.

$$ The forklift was registered for road use with registration no$.$ ABC$-123.$

$$ The forklift was located at Monarch$$s Melbourne factory.

$$ The estimated life of the forklift was set at $5$ years.

$$ Our internal asset number FORK$16$ was assigned to the asset.

$$ The company accountant has instructed that straight line depreciation method will be used to estimate the residual value at the end of the effective life to be $$5,000.$

Please calculate straight line depreciation, accumulated depreciation, and carrying amounts in full.