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On 2 January 2019, McGrath Ltd purchased a machine for $39 600 (GST Inclusive) with a useful life of 5 years and a residual value of $6000. In order to keep the machine running properly, the company has performed regular maintenance and repairs each year since its acquisition. In the fourth year (2022), ordinary repairs amounted to $990 (GST Inclusive). On 3 January 2023, McGrath Ltd decided to completely overhaul the machine's major operating parts at a cost of $10560 (GST Inclusive), after which the machine is expected to have a useful life of 4 more years and a revised residual value of $4000. McGrath Ltd uses the straight-line depreciation method. The carrying amount of the parts replaced was considered to be $400.
Question 1: Make general journal entries to record:
i. the purchase of the machine on 2 January 2019
ii. the day-to-day repairs on the machine in 2022
iii. the overhaul of the machine on 3 January 2023
iv. depreciation expense on the machine on 31 December 2023.
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