On 31 March 2020, SY Limited sold the machine for $60,000 cash. The company used straight-line depreciation method with depreciation calculated to the nearest whole month. The company adjusts its accounts annually. Prepare journal entry to update the depreciation expense in 2020 and record the disposal of machine. Also ,Compute the acquisition cost of the machinery based on the following information. Show your workings.

Invoice price Sales tax when purchase Import freight charge Installation fee Painting fee during installation Disposal fee after 3 years $100,000 4% of invoice price $2,000 $400 $5,500 $600