Skylark Enterprises Ltd ('Skylark Enterprises'), a manufacturing firm, has a fiscal yearend of 31 December. The company utilises the straight-line method of depreciation and has adopted a residual value of 10% for all its assets. The estimated useful life for their machinery is 10 years. The following transactions occurred during the 2023 year: 1. 2 January 2023: Skylark Enterprises purchased machinery worth R500 000 . This cost does not include installation and transportation costs, which amounted to R20 000. The machine was ready for use as of 2 January 2023. 2. 1 July 2023: Skylark Enterprises sold one of its old machines that had been purchased on 1 January 2018. The machine had a cost of R180 000, and it was sold for R60 000. The company recorded a loss on the disposal. The cash payment was received on the same day. 3. 1 November 2023: Skylark Enterprises purchased another machine for R400 000. However, it was only available for use from 1 December 2023. The company's ledger showed the following balances at 1 January 2023: REQUIRED: Prepare the general ledger accounts for the year ended 31 December 2023 of Machinery Cost and Accumulated Depreciation of Machinery Instructions: - You must close off / carry forward the account at year-end. - Show workings and reference your workings for calculations. Mark allocation: 3.1 Machinery Cost account -7 marks 3.2 Accumulated Depreciation of Machinery account - 18 marks (25 marks)