Question 2 YET has adopted cost model for all its plant and equipment. The extract of the plant and machinery accounting record for the year ended 31 December 2018 shows the following information: 1 January 2018 Cost brought forward: $8,000,000 Including $4,000,000 assets bought on 1 January 2015 and $4,000,000 assets bought on 1 September 2016. 1 August 2018 Purchase of new machine: 2,000,000 30 September 2018 Sales proceeds of machine:200,000 Cost of the machine: 600,000 The disposed machine is purchased on 1 September 2016 All plant and equipment is depreciated, on a straight line basis, over five years. A machine was disposed on 30 September 2018 at $200,000, had been purchased on 1 September 2016 at $600,000. YET prepares financial statement on an annual basis. Depreciation is calculated on monthly basis. Required: Prepare journal entries for the plant and equipment for the year ended 31 December 2018. (12 marks) Accounts: Accumulated Depreciation-Machinery, Cash, Depreciation Machinery, Loss on Disposal, Machinery

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