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do the part b please Question 5 (con't) PART...

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Accounting

do the part b please
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Question 5 (con't) PART B As at June 30, 2021, Hope Ltd reported the following non-current assets: Motor Vehicle Less: Accumulated Depreciation _320,000 (192,000) 128,000 Hope Ltd owns only one company car in the company, VW8888 and sold the car at $100,000 on September 30, 2021. The car was purchased on July 1, 2018 and had no residual value. I Required: Prepare the necessary journal entries for financial year 2022. Include narrations and show all your workings clearly (7 marks) (Total (10 + 3) + 720 marks) Peaceful Ltd's financial year ends on June 30. The company uses the Fair Value basis to value the company assets according to IAS16/AASB 116 Property, Plant and Equipment. On July 1, 2018, Peaceful Ltd purchased a machine for a total cost of $50,000. The estimated residual value of the machine at the end of its useful life is nil. Peaceful Ltd depreciates its non-current assets using the straight-line method at 25% per annum. These are the estimates of the following values as at June 30, 2021: Fair value Cost to sell Value in use $ 15,000 1,000 16,000 The residual value of the machine is estimated at $1,000 after the revaluation

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