QUESTION 2 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. Required: (a) Assuming the financial year ends on 31 December, prepare general journal entries to record: 1. the purchase of the machinery on 2 January 2019 ii. depreciation expense for 2019, 2020 and 2021 ill, the overhaul expenditure & expense of parts replaced on 3 January 2022 iv. depreciation expense for 2022. (b)Prepare the following ledger accounts for the period January 2019 to 31 December 2022: i. Machinery li. Accumulated Depreciation - Machinery. (a) GENERAL JOURNAL POWERHOUSE LTD. 2019 Jan. 2 ii 2019 Dec. 31 2020 Dec. 31 2021 Dec. 31 lil 2022 Jan. 3 iv. 2022 Dec. 31 (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