Part B Bruce Manufacturing Ltd's 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 $4400 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: $56872; fair value at exchange date: $57 140) for a used machine (Machine 4). Machine 4's 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 owner's accounts. Bruce Manufacturing Ltd estimated Machine 4's useful life and residual value at 3 years and $4580. Lasted Updated: August, 2019 MA 511 Financial Accounting & Reporting Page 4 of 6 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 5's 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.)