Part B Bruce Manufacturing Ltds post-closing trial balance at 30 June 2019 included the following balances: Machinery Control (at cost) $244 480 Accumulated Depreciation Machinery Control 113 800 Fixtures (at cost) 308 600 Accumulated Depreciation Fixtures 134 138 The Machinery Control and Accumulated Depreciation Machinery Control accounts are supported by subsidiary ledgers. Details of machines owned at 30 June 2019 are as follows: Machine Purchase Cost Estimated Estimated date useful Life residual value 1 28 Apr 2015 $74 600 5 years $3 800 2 04 Feb 2017 $82 400 5 years $4 400 3 26 Mar 2018 $87 480 6 years $5 400 Additional information Bruce Manufacturing Ltd uses the general journal for all journal entries, records depreciation to the nearest month, balances its accounts 6-monthly, and records amounts to the nearest dollar. Bruce Manufacturing Ltd uses straight-line depreciation for machinery and diminishing balance depreciation at 20% p.a. for fixtures.The following transactions and events occurred from 1 July 2019 onwards: 2019 03 July Exchanged items of fixtures (cost: $100 600; carrying amount at exchange date: $56 872; fair value at exchange date: $57 140) for a used machine (Machine 4). Machine 4s fair value at exchange date was $58 000. Machine 4 originally cost $92 660 and had been depreciated by $31 790 to exchange date in the previous owners accounts. Bruce Manufacturing Ltd estimated Machine 4s useful life and residual value at 3 years and $4580. 10 Oct Traded in Machine 2 for a new machine (Machine 5), that cost $90 740. A trade-in allowance of $40 200 was received and the balance was paid in cash. Freight charges of $280 and installation costs of $1600 were also paid in cash. Bruce Manufacturing Ltd estimated Machine 5s useful life and residual value at 6 years and $5500. Required A. Prepare journal entries to record the above transactions and events. (Narrations are required.)