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Part C (6 marks) Mary Cooper Ltd acquired a machine for $250 000 on 2...

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Accounting

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Part C (6 marks) Mary Cooper Ltd acquired a machine for $250 000 on 2 January 2014. The machine had a useful life of 4 years and a residual value of $10 000. Straight-line depreciation is used. The machine is to be disposed on 1 July 2017. Assume that the accounting period ends on 31 December. Ignore GST Required: 1) What entry should be made to record depreciation prior to the disposal on 1 July 2) Prepare journal entries to record the disposal of the machine if the machine was sold 3) Assume that the machine was completely destroyed by fire on 3 April 2017, and cash 2017? for $ 60 000 cash. of S 50 000 was received from the insurance company on 2 May 2017. Prepare the relevant journal entries

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