On 1 November 2019, Mushe Limited acquired a machine for N$ XXXXXXXXXXfor manufacturing purposes. The machine was put into use immediately. Payment of the purchase price will take place on 15 th...

On 1 November 2019, Mushe Limited acquired a machine for N$ 100 000 for
manufacturing purposes. The machine was put into use immediately. Payment of the
purchase price will take place on 15 th October 2020. Depreciation is written off at
20% per annum according to the straight-line method. Wear and tear are allowed at
10% per annum on the reducing balance method and is weighted on a time
proportional basis. The tax rate is 29%. The company reporting date is 31 December

1 November 2019 N$ 1= USD 1.30
31 December 2019 N$ 1 = USD 1.28
15 October 2020 N$ 1 = USD 1.05

Required
Show the journal entries for 2019 and 2020 so as to comply with the requirements of
International Financial Reporting Standards (IFRS). Journal narrations are not
required. (Ignore current tax)