Question 3 15 Marks Specialist Printers Pty Ltd commenced business on 1 July 2018. o On 30 August 2018, the business purchased a second-hand truck for $38,500 (GST Inclusive) for deliveries. Stamp duty amounted to $1,050 (GST Exempt). Four new tyres were fitted at a cost of $1,320 (GST Inclusive) to meet roadworthy conditions. The truck was expected to have a useful life of 5 years and a residual value of $5,000. o On 1 January 2019, Specialist Printers Pty Ltd paid $33,000 (GST Inclusive) for a printing machine with a useful life of 10 years and a residual value of $3,000. o o On 1 March 2022, the truck engine had suddenly stopped functioning without any warnings. A new engine was purchased at a cost of $19,800 (GST Inclusive) and installation of $2,310 (GST Inclusive). Management believes this will provide an additional 4 years to the existing life of the truck. The residual value remains unchanged. o The printing machine was sold on 31 May 2024, for $19,580 (GST Inclusive) o By 1 August 2027 the truck was fully depreciated and was scrapped. The cost of the removal was $1,000 (Ignore GST). The company has adopted the straight-line method of depreciation for the printing machine and diminishing balance for the truck. The end of reporting period is 30 June. Required: Prepare general journal entries for the following dates only: a) 1 March 2022 b) 30 June 2022 c) 31 May 2024 d) 1 August 2027 6 marks 2 marks 4 marks 3 marks