3. Reliance Ltd. Purchased a second hand machine for ₹56,000 on October 01, 2011 and spent ₹28,000 on its overhaul and installation before putting it to operation. It is expected that the machine can be sold for ₹6,000 at the end of its useful life of 15 years. Moreover an estimated cost of ₹1,000 is expected to be incurred to recover the salvage value of ₹6,000. Prepare machine account and Provision for depreciation account for the first three years charging depreciation by fixed installment Method. Accounts are closed on March 31, every year.