QUESTION B3 (12 marks) Mobile Manufacturing Limited purchased a machine on 1 January 2017 at a cost of $2 500 000 plus GST was paid for Cash. The machine is depreciated using the straight line method over a useful life of 10 years with an expected residual value of $250 000. I On 1 January 2020, an overhaul of the machine was made at a cost of $500 000 plus GST was paid for cash. Due to this overhaul, the useful life was re-estimated at 5 years from 1 January 2020 and the residual value was revised to $120 000. The carrying amount of parts replaced was estimated to be $20 000 in total. The financial year ends on 31 December. Required: Prepare General Journal entries (narrations are not required) to record the following: 1. The purchase of the machine on 1 January 2017. 2. Depreciation expense for the 2017 financial year. 3. The overhaul expenditure on 1 January 2020. 4. Depreciation expense for the 2020 financial year. Paragraph BIEE QUESTION B3: Mobile Manufacturing Limited General Journal entries Date Details 4 (12 marks) Debit Credit