Powerhouse Ltd purchased machinery on 2 January 2019, at a cost of $800 000. The machinery is depreciated using the straight-line method over a useful life of 8 years & a residual value of $80 000. On 3 January 2022, an overhaul of the machinery was made at a cost of $112 000. Because of this overhaul, the useful life was re-estimated at 4 years from 3 January 2022, and the residual value was amended to $40 000. The carrying amount of parts replaced was considered to be $10 000.

Prepare the following ledger accounts for the period January 2019 to 31 December 2022: Please follow the attached template

1. Machinery
2. Accumulated Depreciation Machinery.

(b) GENERAL LEDGER POWERHOUSE LTD. Machinery 3/1/22 2/1/19 3/1/22 30/6/22 1/6/22 3/1/22 Accumulated Depreciation - Machinery 31/12/19 31/12/20 31/12/21 31/12/22 31/12/22 31/12/22