Prepare all necessary journal entries for 2024, 2025, and 2026 related to each of the following scenarios: (a) On January 1, 2024, Pharoah Ltd, purchased a piece of machinery for $40,000. At the time, management determined that the machinery would have a residual value of $4,000 at the end of its 10 -year life. Pharoah has a December 31 year end and uses the 5traight-line depreciation method, (Record entries in the order displayed in the problem statement, Credit account tittes are automatically indented when the amount is entered. Do not indent manually. if no entry is required, select "Mo Entry" for the occount titles and enter 0 for the amounts. List all debit entries before credit entries.) automatically indented when the amount is entered. Do not indent manually. If no entryis required, select "No Entry" for the aceount titles end enter O for the amounts, List all debit entries before credit entries.) Prepare all necessary journal entries for 2024,2025 , and 2026 related to each of the following scenarios: (a) On January 1, 2024. Pharoah Ltd. purchased a piece of machinery for $40,000. At the time, management determined that the machinery would have a residual value of $4,000 at the end of its 10 -year life. Pharoah has a December 31 year end and uses the straight-line depreciation method. (Record entries in the order displayed in the problem statement Credit account tibles are outomatically indented when the amount is entered. Do not indent manually, If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)