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Please answer this problem - USING THE ATTACHED ANSWER DOCUMENT: Deduhin Ltd acquired two new machines for cash on 1 January 2014. The cost of

Please answer this problem - USING THE ATTACHED ANSWER DOCUMENT: Deduhin Ltd acquired two new machines for cash on 1 January 2014. The cost of machine A was $400 000, and of machine B, $600 000. Each machine was expected to have a useful life of 10 years, and residual values were estimated at $20 000 for machine A and $50 000 for machine B. Because of technological advances, Deduhin Ltd decided to replace machine A. It traded machine A on 31 March 2018 for a new machine, C, which cost $420 000. A $200 000 trade-in was allowed for machine A, and the balance of machine C's cost was paid in cash. Machine C was expected to have a useful life of 8 years and a residual value of $20 000. On 2 July 2018, extensive repairs were carried out on machine B for $66 000 cash. Deduhin Ltd expected these repairs to extend machine B's useful life by 4 years and it revised machine B's estimated residual balue to $19 500. Machine B was eventually sold on 1 April 2010 for $300 000 cash. Deduhin uses the STRAIGHT-LINE depreciation method, recording depreciation to the nearest whole month. The end of the reporting period is 30 June. REQUIRED: Prepare general journal entries to record the above transactions and depreciation journal entries required at the end of each reporting period up to 30 June 2020.

image text in transcribed ASSESSMENT ACTIVITY 2: CHAPTER 15 PROBLEM 15.1 - PAGE 665 [MODIFIED - PART A ONLY] 2014 To record purchase of machines A & B Depreciation of machines A & B 2015 Annual depreciation expense 2016 Annual depreciation expense 2017 Annual depreciation expense 2018 Deprecation of machine A to date of sale Trade-in machine A for Machine C Write off of machine traded in Deprecation of machines B & C Write back of accumulated deprecation on machine B due to overhaul Overhaul of machine B 2019 Depreciation of machines B & C 2020 Depreciation of machine B before sale Sale of machine B Write off machine B Depreciation of machine C

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