Powerhouse Ltd purchased an excavator machinery on 2 January 2015 at a cost of 650,000 plus GST The Company also paid stamp duty of 2,620 and registration and third party insurance of 940 Costs of removing and installation at its location cost 850 The company financed this purchase by taking a loan from the local bank The machinery is depreciated using the reducing balance method over a useful life of 8 years with a residual value of 60,000 Powerhouse Ltd financial year end is 31 December Required Round off to nearest whole number 1 Prepare journal entry to record the purchase of the machinery on 2 January 2015.