Heavens Hwy reporting date is 30 June. The company purchased an item of equipment on credit for $102,000 (ignore GST) on 1 October 2021. It is expected that the useful life of the equipment will be 10 years and the residual value will be $2,000. The entity adopts the straight-line depreciation method. Required: a) Prepare the journal entry to record the purchase of the equipment in 2021 (0.5 marks). Accounts Debit Credit b) Prepare the journal entry for the depreciation required for the year ending 30 June 2022 (1 mark)