QUESTION $2$

$(16$ Marks$)$

Inspiron is a local manufacturer of sports equipment. The entity's current year ended on $31$ March $2024.$ The following information relates to a new machine acquired during the year in order to manufacture soccer balls:

$1$ February: The machine was purchased FOB destination point from an overseas supplier for $56640$ USD. The destination was Inspiron's premises. The exchange rate on the $1$ February $2024$ was $1$ USD: R$18\mathrm{.}95.$ The payment for the machine was made on this day.

$28$ February: The machinery arrived at the premises of Inspiron.

$1$ March: The machinery was installed, and installation fees paid amounted to R$8496.$ The machine was then brought into use on this day when the manufacturing of soccer balls commenced.

The machinery has a useful life of $5$ years and is depreciated using a straight$-$line basis.

It was estimated that the residual value of the machine is R$14160.$

Required:

Prepare the general journal entries of Inspiron for the year ended $31$ March $2024$ to account for the machine. Ignore closing off journals. Show all dates and workings.

$(16$ marks$)$