At 31 December 2015, King Ltd reported these PPE assets: 

During 2016, the following selected cash transactions occurred: 

Required

(a) For the transactions complete the following.

1. Journalise the transactions. King Ltd 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 scrapping.

2. Record adjusting entries for depreciation for 2016.

3. Prepare the PPE assets section of King Ltd’s statement of financial position as at 31 December 2016.

(b) Repeat requirement (a) above assuming GST of 10% applies to all relevant transactions.