1 Property purchased for $4 million was revalued on 1 July 2017 to $7 million. Accumulated depreciation at the time of revaluation was $1 million. The property had not previously been revalued. At the time of revaluation, the property was expected to have a further useful life of 20 years with no residual value. On 1 July 2021, the property was again revalued, to $4.6 million.

Show the journal entries to record:

a)the initial revaluation ?

b)depreciation expense for each of the years ending 30 June 2018 to 2021 ?

c)the revaluation on 30 June 2021 ?

d)the depreciation expense for the year ending 30 June 2022?

Explanations are not required. Please show your calculations clearly?

2 Sara Wickham is a manager at the Universal Bank. During 2016 she worked for the bank all year at a $6 400 monthly salary. She also earned a year-end bonus equal to 12% of her annual salary.

Sara's income tax withheld during 2016 was $790 per month, plus $2 320 on her bonus cheque. Sara authorised the following payroll deductions: Red Cross of 1.5% of total earnings, and Bupa Insurance of $15 per month.

Universal Bank incurred payroll tax expense of 6% of the total payroll. The bank provided Sara with the following benefits: private health insurance at a cost of $38 per month, and superannuation benefits to be paid to Sara during her retirement at 9.5% of her gross earnings.

Calculate Sara's gross pay, payroll deductions and net pay during 2016?

Calculate the bank's total 2016 payroll cost for Sara Wickham?

Make the journal entry to record the bank's expense for Sara's total earnings for the year, her

payroll deductions and her net pay?show your calculations clearly.