Question is :

Question 3- (3 marks + 3 marks + 4 marks = 10 marks)

Scenario 3. ANSWER HERE. Datee On I July 2019, Pellegrino Ltd sold an item of machinery to Sparkling Ltd for $600,000. Pellegrino Ltd originally purchased the machinery for $1,500,000 on I January 2018. The original estimated useful life was 5 years but at the time of the sale the remaining useful life was estimated to be 3 years by Sparkling Ltd. The expected residual value of the machinery is estimated to be $nil by Sparkling Ltd. Account Namee Debite 4 marks Credite