Liberty Limited acquired an item of machinery that cost $42,000 on 1 April 2013 At that date the use

Liberty Limited acquired an item of machinery that cost $42,000 on 1 April 2013 At that date the useful life of the machinery was estimated to be 7 years On 1 April 2014, the electric motor that drives the conveyor belt seized and had to be replaced A new engine that cost $24,000 was installed on the same date It was estimated that at the date of acquisition the original motor was worth $21,000 The estimated useful life of the new motor is 4 years

Required

Prepare journal entries to record depreciation for the item of machinery for the years ending 31 March 2014 and 31 March 2015 Show all workings