PART (iii) Churnit Ltd uses the straight line method to calculate depreciation on its machinery assets. (10% is the rate to be applied.) The company charges depreciation from the month of acquisition to the month of disposal. The company prepares financial statements to the 31 December each year. On the 1 January 2018 Churnit Ltd had machinery consisting of 2 items which had been acquired as follows; Machine A acquired on 1 January 2015 at a cost of 48,000 Machine B acquired on 1 April 2017 at a cost of 36,000. On the 30 June 2018 the Firm traded in Machine A against a new Machine C. Machine C was priced at 62,000. In addition to trading in Machine A, Churnit Ltd also paid a cheque for 28,000 towards the price of Machine C. Churnit Ltd also bought Machine D on 1 September 2018 for 14,000. Requirement You are required to show for the year ended 31 December 2018;- The disposal of machinery account The machinery account The accumulated depreciation - machinery account The depreciation expense account The relevant extracts from the Statement of Profit or Loss and the Statement of Financial Position