Part II Stand Ltd is completing its financial statements for the year ended 30 June 2020. In undertaking the accounting work, it becomes apparent that an item of machinery that was thought to be on hand at the end of the previous financial year had actually been destroyed in a storm on 25 June 2019. The machinery had a cost of $200,000 and accumulated depreciation of $24,000. Required: Provide the accounting entries to account for the discover of this prior period error in accordance with IAS 8 / AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors. Ignore the tax effect and assume that the value of the machinery is material to Stand Ltd. (narrations are not required) (3 marks) ANSWER HERE: Date Account Name Debit Credit