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Quest Ltd's reporting period ends on the 30th June and they use straight line depreciation. The entity purchases machinery on 31October 2017 for an invoice price of $50,000 plus GST. Additional costs included delivery costs of $1,500 plus GST, extended warranty costs for 3 years of $950 plus GST, installation and wiring $2,000 plus GST.
The estimated useful life of the machine is 7 years with a residual value of $3,500. The company sold the machinery on the 30th June 2021 for $1,500.
REQUIRED:
Problem 1: Prepare the general journal entries to record:
1.1. The acquisition of the machine on 31 October 2017;1.2. The depreciation expense for the first six months of 2021;1.3. The sale of the machine on 30 June 2021.
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