THE FOLLOWING INFORMATION RELATES TO QUESTIONS 2 and 3 On 1 July 2018 Porte Ltd acquired an item of machinery for a cash consideration of $800,000. Porte Ltd has adopted the following accounting policies for the machinery class of assets: Cost model as prescribed in AASB 116: Property, Plant and Equipment: Straight line method of depreciation with a useful life of eight (8) years and estimated zero (O) residual value; and Requirements of AASB 138: Impairment of Assets in relation to asset impairment. The following information is provided for the item of machinery: Year end date Recoverable amount 30 June 2019 $665,000 Indicators of impairment existed at 30 June 2019. On 31 December 2019 Porte Ltd sold the item of machinery for $600,000 Porte Ltd is a reporting entity and has adopted a 30 June year end balance date. Prepare all journal entries in relation to the item of machinery for the year ended 30 June 2019 ONLY. Include all workings and ignore tax. Narrations are not required. Prepare all journal entries in relation to the item of machinery for the year ended 30 June 2020 ONLY. Include all workings and ignore tax. Narrations are not required. NOTF: In your answer it is advisable to build a table with hi