Mongol Trading operates in a very competitive field. To maintain its market position, it purchased two new machines for cash on 1 January 2016. It previously rented machines. Machine A cost $40 000, and machine B cost $100 000. Each machine was expected to have a useful life of 10 years, and residual values were estimated at $2000 for machine A and $5000 for machine B. Due to technological advances, Mongol Trading decided to replace machine A. It traded in machine A on 31 March 2018 for machine C, which cost $64 000. A trade-in of $28 000 was allowed for machine A, and the balance of machine C's cost was paid in cash. Machine C was expected to have a useful life of 8 years and a residual value of $8000. On 2 July 2018, extensive repairs were carried out on machine B at a cash cost of $66 000. Mongol Trading expected these repairs to extend machine B's useful life by 4 years and to increase machine B's estimated residual value to $13 450. Machine B was eventually sold for cash on 1 April 2020 for $115 000. Mongol Trading uses the straight-line depreciation method, recording depreciation to the nearest month. The end of the reporting period is 30 June. Required Prepare general journal entries to record the above transactions and depreciation journal entries required at the end of each reporting period up to and including 30 June 2020