B. Brain and Smart Ltd completed the following transactions during 2019 and 2020. The financial year for the company ends on 30 June each year. Required: Prepare journal entries as necessary for each of the transactions below including any adjusting entries at 30th June 2020 (narrations are not required). 10 marks 2020 1 Jan Purchased new Land and Building for $5,250,000 from Custom Credit Ltd. The value of the Land was 40%. Financing arrangements included payment of an initial deposit of 10% of the purchase price and the signing of a 7.5% p.a. Mortgage. At 30th June the quarterly payment, April to June of $168,962 (including interest of $13,126), remains unpaid. Record the asset purchase (ignore GST), and any adjusting entry at 30th June. 23 Apr The Company paid warranty costs of $450 in cash to make good warranty conditions on a product sold in 2017. The company has a Provision for Warranty Costs account. Treuunda 706 an ninromitonninoth in rathon Indin enetinmnnt of an arcount for 640) ENG 9 19 2020 1 Jan Purchased new Land and Building for $5,250,000 from Custom Credit Ltd. The value of the Land was 40%. Financing arrangements included payment of an initial deposit of 10% of the purchase price and the signing of a 7.5% p.a. Mortgage. At 30th June the quarterly payment, April to June of $168,962 (including interest of $13,126). remains unpaid. Record the asset purchase (ignore GST), and any adjusting entry at 30th June. 23 The Company paid warranty costs of $450 in cash to make good warranty conditions Apr on a product sold in 2017. The company has a Provision for Warranty Costs account. 6 Issued a 7% 60 day promissory note to Carbon Ltd in settlement of an account for May $14000 for goods purchased from them in September last year. 26 Purchased $14300 worth of inventory (GST included) from AZD Ltd on credit terms June of 2/10, n/30 (record GST) 30th The GST Control account of the company has GST Paid of $4200 and GST Collected June of $5400 during the period April to June. Make the entry for the settlement of GST with the Australian Tax Office