Motor vehicle

• The motor vehicle consists of a delivery van purchased on 1 October 20X3 at a cost of 270 000. The useful life is estimated at four years and the residual value at 0.
• At 30 May 20X4, the tyres of the delivery van are replaced with tyres of a better quality. The new tyres cost 24 000 and have an estimated useful life of two years. It is estimated that the original tyres cost 12 000.
• Costs of servicing the delivery van during the year amounted to 12 500.

Required:

Prepare all the journal entries relating to the property, plant and equipment of Olympic plc for the year ended 30 September 20X4

Journal entry narrations are required.