X acquired a piece of equipment on 1 July 2005 at a cost of $800,000. The useful life of the equipment was estimated as 20 years with no residual value. X uses the straight line method of depreciation

Required:

1. Prepare journal entries for depreciation of the equipment for year ended 30 June 2018, and state the carrying amount of the equipment at the end of the reporting period.
2. During the year ended 30 June 2019 the equipment was disposed for $200,000 (cash) record the journal entries for this transaction.
3. If the disposal value had been instead $350,000 record this journal entry