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On 1 March 2017, Fox Ltd paid $66 000 for a machine with a useful life of 10 years and a residual value of $6

On 1 March 2017, Fox Ltd paid $66 000 for a machine with a useful life of 10 years and a residual value of $6 000. The company uses straight-line method depreciation. The machine was sold on 31 May 2022 for $32 000 cash.

Required: Prepare a general journal entry to record transactions for Fox Ltd for the year ended 31 December 2022. Ignore GST. Narrations are NOT required.

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