1. Lululemon purchased a new plant for their shoes production division on July 1, 2019. Lululemon paid $5,000,000 for the production plant. It is a package purchase, which includes land, building and equipment. Currently, the land can be sold at $2,000,000, the building at 2,500,000 and the equipment at $1,000,000 in the market. The equipment has an estimated salvage of $20,000 and an expected useful life of 8 years or 500,000 units. (30 marks) (Long Term Assets) Required: a. Prepare the journal entry for the purchase of each individual assets on July 1, 2019 b. Given the equipment produced 20,000 units in 2019, prepare the journal entry for the depreciation if is the carrying value of the new equipment under each of the following methods for the equipment: i. straight-line units-of-production iii. double-declining balance 3