Under IFRS policy

YET has adopted cost model for all its plant and equipment. The extract of the plant and machinery accounting record for the year ended 31 December 2018 shows the following information: All plant and equipment is depreciated, on a straight line basis, over five years. A machine was disposed on 30 September 2018 at $200,000, had been purchased on 1 September 2016 at $600,000. YET prepares financial statement on an annual basis. Depreciation is calculated on monthly basis. Required: Prepare journal entries for the plant and equipment for the year ended 31 December 2018. (12 marks) Accounts: Accumulated Depreciation-Machinery, Cash, Depreciation-Machinery, Loss on Disposal, Machinery