Pepper Ltd purchased a large machinery with an invoice price of $175,000 on 1 August 2012. Other costs incurred at the time of purchase were as follows: - Delivery & installation costs, $3,000 - Insurance during delivery, $500 - Initial testing of the machinery, $750 - One-year fire insurance policy covering the machinery, $1,500. The machinery is estimated to have zero residual value at the end of its 8-year useful life. The machinery was fully depreciated on 31 July 2020. Pepper sold the machinery for $2,000 cash on 1 August 2020. REQUIRED: i) Determine the acquisition cost of machinery on 1 August 2012. [Show your working by identifying each element of the acquisition cost that needs to be considered to determine the acquisition cost of the machine) ii) Prepare the general journal entry to record the disposal of the machinery on 1 August 2020. (Narration is not required)