Swift Ltd owned the following items of property, plant and equipment as at 30 June 2023.

Tuff cutter (at cost) - 65000

Accumulated depreciation - 42230

Additional information (at 30 June 2023)

The straight-line method of depreciation is used for all depreciable items of PPE. Depreciation is charged to the nearest month and all figures are rounded to the nearest dollar.

The turf cutter was purchased on 21 January 2020, at which date it had an estimated useful life of 5 years and an estimated residual value of $3200.

The following transactions occurred during the year ended 30 June 2024. (Note: All payments are made in cash.)

On 1 December 2023, the turf cutter was traded in on a new model worth $80 000. A trade-in allowance of $19 000 was received and the balance paid in cash. The new machines useful life and residual value were estimated at 6 years and $5000 respectively.

Prepare general journal entries to record the transactions and events for the reporting period ended 30 June 2024 in relation to the turf cutter and show how we get each amount