In a business with financial years ended 31 December. A machine is bought for 420,000 on 1 January Year 1. The estimated

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In a business with financial years ended 31 December. A machine
is bought for 420,000 on 1 January Year 1. The estimated useful
life is 9years. In Year 5, the machinery has been sold for 280,000.
Show the accounting entries for each year up to Year 5 using
sinking fund at 18%. You are to show for each year up to 31 Dec
Year 5:
(a) Machinery account
(b) Provision for depreciation
(c) Disposal account
(d) Profit and loss account
(e) Balance sheet