Prepare general journal ended 30 June 2024 in the following asset of turf cutters.

 

Turf cutter (at cost): 65,000 Accumulated depreciation: (42,230) Total: = 22,770 The turf cutter was purchased on 21 January 2020, at which date it had an estimated useful life of 5 years and an estimated residual value of $3200. On 1 December 2023 the turf cutter was traded in on a new model worth $80,000. A trade in allowance of $19,000 was received and the balance paid in cash. The new machine's useful life and residual value were estimated at 6 years and $5000 respectively.