At 30 June 2015, Porter Ltd reported the following PPE assets. 

During the financial year ending 30 June 2016, the following selected cash transactions occurred: 

Required

(a) For the transactions complete the following.

1. Journalise the transactions. Porter uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. Update depreciation on assets disposed of at the time of sale or retirement.

2. Record adjusting entries for depreciation for 2015–16.

3. Prepare the PPE assets section of Porter Ltd’s statement of financial position at 30 June 2016.

(b) Repeat requirement (a) assuming GST of 10% applied to all relevant transactions. (You should not need to repeat the T accounts, but could do so, adding GST accounts.)