QUESTION $3(25$ marks$)$Skylark Enterprises Ltd $($Skylark Enterprises$),$ a manufacturing firm, has a fiscal year$-$end of $31$ December. The company utilises the straight$-$line method of depreciationand has adopted a residual value of $10\%$ for all its assets. The estimated useful lifefor their machinery is $10$ years.The following transactions occurred during the $2023$ year:$1.2$ January $2023$: Skylark Enterprises purchased machinery worth R$500000.$This cost does not include installation and transportation costs, whichamounted to R$20000.$ The machine was ready for use as of $2$ January $2023\mathrm{.}2.1$ July $2023$: Skylark Enterprises sold one of its old machines that had beenpurchased on $1$ January $2018.$ The machine had a cost of R$180000,$ and it wassold for R$60000.$ The company recorded a loss on the disposal. The cashpayment was received on the same day$\mathrm{.}3.1$ November $2023$: Skylark Enterprises purchased another machine for R$400000.$ However, it was only available for use from $1$ December $2023.$The company's ledger showed the following balances at $1$ January $2023$:Description Amount $($R$)$Machinery Cost $800000$Accumulated Depreciation Machinery $2000009$ HFAC$130-1-$Jan$-$June$2024-$SuppSA$1-$LVN$-20230821-$V$2$REQUIRED:Prepare the general ledger accounts for the year ended $31$ December $2023$ ofMachinery Cost and Accumulated Depreciation of MachineryInstructions: You must close off $/$ carry forward the account at year$-$end. Show workings and reference your workings for calculations.Mark allocation:$3\mathrm{.}1$ Machinery Cost account $7$ marks$3\mathrm{.}2$ Accumulated Depreciation of Machinery account $18$ marks