Question 3 8 Marks (15 Minutes) On January 1, 2008, York Corporation purchased a new machinery for $ 516,000. The company uses straight line depreciation for all equipment. All equipment will have an estimated useful life of eight years and a residual value of $ 32,000. Depreciation is calculated based on a prorated basis from the day of purchase. On July 1, 2010, York decided to automate its production process. With a trade in value of $ 256,000 for the old machinery, GBC only has to pay $ 564,000 for the new machinery. Prepare the journal entry to account for the acquisition of the new equipment