Sunrise Electronics Ltd$.$ specialises in manufacturing advanced electronic

components. The company is VAT$-$registered. The company has a $30$ June financial

year$-$end.

On $1$ January $2023,$ Sunrise Electronics Ltd$.$ invested in state$-$of$-$the$-$art machinery for

R$460000($including VAT$).$ The machinery was operational $($ready to be used$)$ by $1$

February $2023.$ The machinery's estimated useful life was initially determined to be $8$

years with a residual value of R$40000($excluding VAT$).$

However, on $1$ July $2023,$ after a thorough analysis with the Engineering Department,

the company revised the machinery's estimated useful life from $8$ years to $6$ years,

effective from the date it was put into operation $(1$ February $2023).$ The residual value

remained the same.

Additional Information:

$$ Depreciation is computed using the straight$-$line method.

$$ Assume a Value Added Tax $($VAT$)$ rate of $15\%.$

REQUIRED:

$2\mathrm{.}1$ Prepare all the general journal entries to account for the change in estimate

for Sunrise Electronics Ltd$.$ for the years ended $30$ June $2023$ and $30$ June

$2024.$ Journal dates are required. Narrations are not required.

$(13$ marks$)$

$2\mathrm{.}2$ Prepare the disclosure note related to the change in estimate for the financial

statements of Sunrise Electronics Ltd$.$ for the year ended $30$ June $2024$