QUESTION BI Silverstone Ltd purchased machinery on credit on 2 January 2016, at a cost of $1600 (15 marks) 000 plus GST. The machinery is depreciated using the straight-line method over a useful life of 8 years with a residual value of $160 000. On 2 January 2019, an overhaul of machinery was paid by cash at a cost of $224 000 plus GST. Because of this overhaul, the useful life was re-estimated at 4 years from 3 January 2019, and the residual value was amended to $80 000. The carrying amount of parts replaced was considered to be $20 000. Required: Assuming the financial year ends on 31 December, prepare General Journal entries to record the following information. Narrations are not required. 1. The purchase of the machinery on 2 January 2016 2. Depreciation expense for 2016 3. The overhaul expenditure on 3 January 2019 4. Depreciation expense for 2019