Sharpie & CO. has bought a tipper on 1 July 2018. The list price of the tipper was $200,000 but Sharpie & CO. was invoiced and paid only $180,000. Sharpie & CO. did have to pay for an inspection costing $30,000 on 1 July 2018 before the tipper could be used for the first time. In addition, the company purchased an annual AAMI insurance policy for the tipper costing $24,000 (recorded using the expense approach). The tipper will be depreciated using the reducing balance method at a rate of 10% per annum.

On 1 October 2018, the tipper broke down and Sharpie & CO. spent $40,000 to get it back to working condition.

On 1 July 2019, Sharpie & CO. decided to replace the engine in the tipper with a newer model costing $61,000 that uses considerably less petrol and makes the tipper more powerful so that it could also haul a trailer. The 10% reducing balance rate of depreciation is still applied.

Prepare the general journal entries for the years ended 30 June 2019 and 30 June 2020 related to the truck, taking into account the information provided above. Narrations are not required. Justify your entries.