Fill according to the calendar dates in the journal entry section. Please put the date beside your answer.

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Entity A is a listed company in Hong Kong that hires motor trucks as its part-time drivers to generate revenue. The draft accounts at the end of the reporting period of 31 December 2020 included the motor trucks which were bought on 1 January 2018. The economic life of the motor trucks is 6 years. These motor trucks were purchased from Entity B on credit. The listed price was $12,100,000. Entity B always provides a trade discount of 20% to Entity A due to its good business relationship. Under the contract, it will be settled by cheque on 15 January 2018 and 15 March 2018 in two payments of 70.00% and 30.00% respectively. Entity A is also responsible for disposing of these motor trucks to the scrap yard for recycling after 6 years. The removal cost of $106,600 will be incurred on 31 December 2023. The delivery cost of $21,000 was incurred on 1 January 2018 by paying a cheque to Entity C. On 31 December 2020, due to the world trade war, Entity A expected the market would move downward starting from 1 January 2021 . On one hand, Entity A estimated that it was able to generate cash inflows of $1,560,000,$1,200,000 and $3,190,000 in the years 2021,2022 and 2023 respectively. It will then be scrapped on 31 December 2023. On the other hand, these motor trucks could be sold immediately on 31 December 2020 for $4,600,000 and selling costs of $45,600 were also incurred. On 31 December 2021, Entity A expected the market would move upward again because quite a lot of positive news of the world trade war was observed recently. Entity A estimated that it was able to generate $1,805,000 and $4,400,000 cash in the years 2022 and 2023 respectively. It will then be scrapped on 31 December 2023. Furthermore, these motor trucks could be sold immediately on 31 December 2021 for $5,600,000 and selling costs of $49,600 were also incurred. On 31 December 2022, Entity A estimates no further impairment loss should be charged. Due to a shortage of cash, on 30 June 2023 , Entity A sold these motor trucks to Entity D which is an independent third party. Entity D paid the agreed price of $750,000 by a post-dated cheque of 1 July 2023 on 30 June 2023. Entity A deposited the cheque on 2 July 2023. Entity A adopts a straight-line method for the depreciation of motor trucks as the corporate accounting policy. Discount rates are 9.75%,12.00% and 10.00% for applying on measuring present values on 1 January 2018,31 December 2020 and 31 December 2021 respectively. The end of the reporting period is 31 December. REQUIRED: According to relevant accounting standards, prepare journal entries to recognise the transactions of Entity A from 1 January 2018 to 2 July 2023. ACCOUNTS FOR INPUT: | Plant | Motor trucks | Machine | Land | Building | Bank | Payable | Receivable | No entry | | Retained earnings | Other income | Other expense |Interest expense | Interest revenue | | Depreciation | Accum. depreciation | Impairment loss | Reversal of impairment loss | | Restoration liability | Loss on disposal | Gain on disposal | Revaluation surplus | Revaluation deficit | | Reversal of revaluation surplus | Reversal of revaluation deficit | ANSWERS: Journal Entries: Date 1-Jan-18 15-Jan-18 15-Mar-18 31-Dec-18 31-Dec-18 31-Dec-19 31-Dec-19 31-Dec-20 31-Dec-20 31-Dec-20 31-Dec-20 31-Dec-21 31-Dec-21 31-Dec-21 31-Dec-21 Account Name Debit (\$). Credit (\$) Hints For Sequence Entity B. Judge DriCr. Entity C. Judge Dr/Cr. Contra-Asset Contra-Asset Contra-Asset 31-Dec-22 31-Dec-22 30-Jun-23 30-Jun-23 30-Jun-23 30-Jun-23 1-Jul-23 1-Jul-23 2-Jul-23