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Part B - Burleigh Brews Pty Ltd disposed of a delivery vehicle on 31 October 2022 receiving cash proceeds from the sale of $5,500 (GST
Part B - Burleigh Brews Pty Ltd disposed of a delivery vehicle on 31 October 2022 receiving cash proceeds from the sale of $5,500 (GST Inclusive). The delivery vehicle had been purchased on 1 January 2018 for $47,500 (GST Exclusive) and was depreciated on a straight -line basis assuming a useful life of 6 years and a residual value of $7,000. The accumulated depreciation on the delivery vehicle as at 31 December 2021 was $33,750. Page 6 of 9 Semester One Examinations, 2023 ACCT7101 Required: Assuming Burleigh Brews Pty Ltd financial year ends on 31 December, prepare journal entries to record: a. the depreciation expense on the delivery vehicle from 1 January 2022 up to the date of sale of vehicle on 31 October 2022, and b. the sale of the delivery vehicle on 31 October 2022 . Please round your answers to the nearest dollar. Please show your workings
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