On 1 July 2016, Reliance Ltd paid $110 000 for a machine with a useful life of 10 years and a residual value of $10000. The machine was sold on 30 June 2021 for $50000. Ignore GST. : Prepare the journal entries to record depreciation and the sale of machine for the year ended 30th June 2021. Use the straight-line depreciation method. (Hint: Calculate accumulated depreciation balance on the date of sale i:e 30th June 2021)