During 2016-2017, Winter Ltd. purchased three types of machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarised in the table below. Machine Initial cost Initial site Residual Useful Date acquired Initial delivery and assembly Depreciation Method type preparation value life costs costs 1 30/09/2016 $36,300 $1,200 $900 $9,000 8 Diminishing- balance 2. 1/02/2017 $25,000 $1,000 $6,000 5 Sum-of- years-digits Straight-line 3 15/11/2017 $52,500 $700 $800 $10,500 10 The end of financial year is at 30 June. The following transactions has taken place since the start of 2018; 2018 Feb. 24 Purchased land and a building worth $145,000, with the intention of tearing down the building and constructing a new office complex. An interest-free loan for $120,000 was taken from another company and the rest was paid in cash, plus an agent's commission of $8,800 and title search fees of $2,750. May 14 Paid Dan's Demolition Services $9,900 to demolish the building acquired on 24 September and received $750, from sale of materials salvaged from demolishing the old building. June 30 End of financial year depreciation expenses recorded. July 3 Singed a contract with Easy Construction Ltd, for construction of a new office complex on the land acquired on 24 February. It is expected to cost around $85,000. Nov. 25 Paid $1,700 cash for oil changes for the machines. Insurance cost for the machines for the year was $2,000. 2019 Mar. 10 June 30 Aug. 20 Purchased a used machine (number 4) for a recommended price of $48,200, but after careful negotiation it was purchased for $42,900 cash. The machine was treated for rust and was re-painted for $600 and installed for $1,200. The engine was reconditioned for $800 cash, as well as servicing the machine at a cost of $520. During installation, one of the major components was dropped and was repaired at a cash cost of $1,500. The machine is expected to make 50,000 units in total, with a residual value of $3,000. End of financial year depreciation expenses recorded. Machine number 4, due to delay in training new labour was not used The construction of the new office complex was completed. The breakdown of the construction costs (all paid in cash) was as follows: Payment to building contractor, $21,800 building's structure materials, $56,300 planning permit and building approvals, $5,400 excavation costs, $12,000 fees for the design and engineering of the complex, $3,830 The office complex is expected to have a residual value of $8,000 and a useful life of 15 years. The accountant has decided to use straight-line method to calculate the depreciation expenditure. Paid $1,700 cash for oil changes for the machines. Insurance cost for the machines for the year was $2,000. Nov. 25 2020 Mar. 25 Machine 3 broke down. The management thought about replacing the machine with a new one, but after considering the cost of a new machine, it was decided to perform major repairs on this machine. A new engine was installed for a cost of $23,000, cash. The company expects these repairs to extend the machine's useful life by 2 years and the expected selling price by the end of useful life is Apr. 20 June 30 July 28 estimated to be $1,200. The carrying amount of the parts replaced in the machine was considered to be equal to $12,000. A parking area was paved, on the land purchased at a cost of $30,800. The parking area has a useful life of 8 years with $9,000 residual value. The depreciation method is diminishing balance method. End of financial year depreciation expenses recorded. Machine number 4 has produced 12,450 units. Due to high demand for the newly built office complex, management has decided to extend the office complex, by adding four new offices. The extension is to finish by early September 2020, at a cost of $25,600. As the extension will be fully financed through the Commonwealth Bank of Australia, the full cost of the extension is borrowed on this date from the bank and kept in an account called "cash trust, to be used for the project. The extension will increase the useful life of the building by 4 years. Due to technological advances the company sold machine 2 for $10,000. The extension work on the office complex was completed. Interest paid on the loan for extension was $2,800. Aug. 11 Sep. 8 Required Prepare the necessary general journal entries for all the above transactions (2018-2020), rounding to the nearest whole number for the amounts to be recorded. Depreciation calculations must be based on the dates provided (no rounding to the nearest month). Narrations are not required. Instructions: You are required at least, to have a sheet in excel for General journal entries Workings and calculations (for instance any relevant T accounts and depreciation rate calculation) Depreciation schedules for each depreciable asset (this could be on a separate sheet or part of the above sheet)