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5.24 Depreciation *** L05 Hawk Ltd started operations on 1 September 2017. Hawk Ltd's accounts at 31 December 2020 included the following balances. Equipment (at cost) $182 000 Accumulated depreciation equipment 96 400 Vehicles (at cost; purchased 21 November 2019) 93 600 Accumulated depreciation vehicles 39 312 Land (at cost; purchased 25 October 2017) 162 000 Building (at cost; purchased 25 0ctober2017) 371 440 Accumulated depreciation building 57 228 Details of equipment owned at 31 December 2020 are as follows. Machine Purchase date Cost Useful life Residual value 1 7 October 2017 $86 000 5 years $5000 2 4 February 2018 $96 000 6 years $6000 Ada'l'z'lba/mformm'lbn o Hawk Ltd calculates depreciation to the nearest month and balances the records at monthend. Recorded amounts are rounded to the nearest dollar, and the end ofthe reporting period is 31 December. - Hawk Ltd uses straightline depreciation for all depreciable assets except vehicles, which are depreciated on the diminishing balance at 40% p.a. . The vehicles account balance reflects the total paid for two identical delivery vehicles, each of which cost $46 800. o On acquiring the land and building, Hawk Ltd estimated the building's useful life and residual value at 20 years and $10 000 respectively. Required Prepare general journal entries to record the following transactions that occurred from 1 January 2021. 2021 Jan. 3 Bought new equipment (Equipment 3) for a cash price of$114 000. Freight charges of $884 and installation costs of $3516 were paid in cash. The useful life and residual value were estimated at 5 years and $8000 respectively. June 22 Bought a secondhand vehicle for $30 400 cash. Repainting costs of $1310 and four new tyres costing $690 were paid for in cash. Aug. 28 Exchanged Equipment 1 for ofce furniture that had a fair value of $25 000 at the date of exchange. The fair value of Equipment 1 at the date of exchange was $23 000. The ofce furniture originally cost $72 000 and, to the date of exchange, had been depreciated by $48 200 in the previous owner's books. Hawk Ltd estimated the office furniture's useful life and residual value at 8 years and $1080 respectively. Dec. 31 Recorded depreciation. 2022 April 30 Paid for repairs and maintenance on the equipment at a cash cost of $1856. May 25 Sold one of the vehicles bought on 21 November 2019 for $13 200 cash. June 26 Installed a fence around the property at a cash cost of $11 000. The fence has an estimated useful life of 10 years and zero residual value. (Debit the cost to a land improvements asset account.) Dec. 31 Recorded depreciation. 2023 Jan. 5 Overhauled Equipment 2 at a cash cost of $24 000, after which Hawk Ltd estimated its remaining useful life at 1 additional year and revised its residual value to $10 000. June 20 Traded in the remaining vehicle bought on 21 November 2019 for a new vehicle. A trade-in allowance of $7400 was received and $44 000 was paid in cash. Stamp duty of $1000 and registration and third-party insurance of $1600 were also paid for in cash. Oct. 4 Scrapped the vehicle bought on 22 June 2021, as it had been so badly damaged in a traffic accident that it was not worthwhile repairing it. Dec. 31 Recorded depreciation