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On 2 July 2020 Sam Olsen Transport purchased a new delivery vehicle costing $95,000 (GST exclusive). The delivery is depreciated using the diminishing value depreciation method at 20% per year.
On 30 June 2021 the delivery vehicle was considered unsuitable. The machine and cash of $30,000 was exchanged for a replacement delivery vehicle costing $120,000 (GST exclusive). Sam Olsen Transport is registered for GST.
Required:
Prepare the general journal entries to record the disposal of the delivery vehicle and the acquisition of the replacement delivery vehicle.
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