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 20214 iii. 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 ii. Accumulated Depreciation - Machinery. (a) i. GENERAL JOURNAL POWERHOUSE LTD. + 2019 Jan. 2 e 1.1.1. 1. 1. .ii 2019 31 .Dec 2 11 .1 ( ( ( 20202 ( 31 .Dec 2021 313 .Dec ( ( ( ( iii. ). 20222 Jan. 32 11 .1 ( ( ( ( ( ( ( .iv 2022 31 .Dec 1 1 1 1 1 E (b) GENERAL LEDGER POWERHOUSE LTD. Machinery 2/1/19 3/1/22 3/1/22 ( 30/6/22 1/6/22 Accumulated Depreciation - Machinery 3/1/22 31/12/19 >31/12/20 31/12/21 31/12/22 L L L L L L L .31/12/22 5-31/12/22