Pioneer Manufacturing Ltd completed the following transactions during 2023:

Required Prepare journal entries to record all the transactions of Pioneer Manufacturing Ltd from 1 July 2023 to 30 June 2024.

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July 5 July 15 Aug. 15 Sept. 1 Oct. 30 Nov 1 Nov. 15 Dec. 15 Purchased land that contained an old shed in the industrial estate at a cost of $210 000. Pioneer also incurred title search fees of $3 750 and agents commission of $12 000. Paid $23 500 to have the old shed demolished and site levelled for construction of new factory. Paid $50 000 to builder for architectural plans and permits for the new factory. Paid the builder a $350 000 instalment for construction of the new factory. Paid the builder $500 000 balance owing on the construction of the new factory. Pioneer Manufacturing moved into the new factory on 1 November. It is estimated the factory will have a $50 000 residual value and a useful life of 30 years. The factory will be depreciated using the straight-line method of depreciation. Purchased office equipment $25 000 and an $18 000new computer syste. The office equipment will be depreciated using straight-line depreciation. It is expected the office equipment will have a useful life of 10 years and $2000 residual balance. The computer system will be depreciated using the diminishing balance method of accounting for depreciation. Due to advances in technology, it is estimated the computer system will need to be updated in 4 years and will have a residual value of $3000. The company's parking area was paved at a cost of $25 000. A further $15 000 was spent on fencing and landscaping the parking area and street entrance to the premises. The parking area has a useful life of 8 years with no residual value. The land improvements will be depreciated using straight-line depreciation. Purchased new equipment for $250 000 cash. Pioneer Manufacturing Ltd incurred $5 000 in freight costs to have the equipment delivered and a further $2500 for installation. The equipment is expected to have a useful life of 10 years and a residual value of $5000. Pioneer Manufacturing Ltd will depreciate this asset using the diminishing balance method.