QUESTION 1 Gwynneville Ltd is a company that operates in Wollongong, Australia. The company has its financial year period from 1 January to 31 December. On 1 October 2019 the company purchased a special printing machine to do printing on fabric from Cucokrowo Ltd in Melbourne. The Machine's list price is $45,000 and the supplier (Cucokrowo Ltd) offered $3,000 trade discount. The estimated useful life of the machine is 4 years, after which it could be sold for $12,000. In addition, the machine is estimated to print 76,000 T-shirts throughout its useful life. On the day of the purchase of the machinery, Gwynneville Ltd paid $3,000 to a truck company to deliver the machinery to Wollongong. Unfortunately, during the delivery, the truck driver was issued a ticket for speeding for the value of $300. The machinery arrived in Wollongong and was installed by a consultant on the same day. The installation cost was $5,000. During the installation, the consultant damaged the wall of the factory and need to be repaired at a cost of $3,000. Required (show all working and rounded it to 2 decimal places): 1) Prepare the general journal entries necessary to record the acquisition value of the (14 marks) machinery (ignore GST and narration). 2) Calculate the depreciation expense of the machinery for 31 December 2019 end of financial year, using the following methods: (a) Straight line method (10 marks) (b) Diminishing balance method (rounded to the nearest whole number) (21 marks) (c) Units of production method, if the company produced 4,500 T-shirts in 2019 (15 marks)