On 1 July 2023, your company acquired a machine for $103,000 on credit and decided to depreciate it for 25 years with no residual amount. The credit was taken from a local bank that charges 4.2% per annum with payments every year on 30 June. Assume that the fair values of this asset were: 

Date               Fair Value 

1/7/2023         $105,000 

30/11/2023       $98,000 

30/6/2024         $80,000.

Using the cost model, prepare the relevant journal entries from the date of acquisition to 30 June 2024.