Rivian Pty Ltd has an accounting financial year which ends on 30 June. On 1 January 2023, Rivian Pty Ltd purchased an equipment for $520,000 cash. The residual value of the equipment is expected to be $32,000 after the useful life of five years. On April 1, 2023, Rivian Pty Ltd also purchased machine for $130,000 and additionally paid freight fees of $2,000 in cash. The useful life of machine is estimated to be 10 years, with a residual value of $10,000. Rivian Pty Ltd uses the diminishing-balance method for equipment and straight-line depreciation method for machine. Note: Please use 2.5 times of straight-line rate when estimating the depreciation rate under diminishing-balance method. Required (A) Prepare journal entries to record the purchase of the equipment and machine. (2 marks) (B) Prepare journal entries to record the depreciation expense during the year 2023. (2 marks) (C) On January 1 2024, Rivian Pty Ltd conduct impairment test for the machine. Fair value (less costs to sell) of machine is estimated to be $100,000 while value-in-use is estimated to be $85,000. Prepare journal entries for the impairment test. (2 marks) (D) On January 1 2024, Rivian Pty Ltd sold the equipment to Paul Ltd for $285,000 on cash. Prepare journal entries to dispose of the machinery