Jae Ltd reported the following non-current assets at 30 June 2017: During the year 2017-18, the following transactions occurred: Purchased land for exist 1 500 000. Sold equipment that cost exist2 400 000 when purchased on 1 July 2013. The equipment was sold for exist1 250 000. Sold land purchased on 30 April 2007 for exist3 200 000. The land's original cost was exist1 000 000. Purchased equipment for exist4 000 000 cash. Scrapped equipment that had cost exist1 200 000 when purchased on 30 June 2008. No residual value was received. A: Prepare journal entries to record the transactions. Jae Ltd uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year useful life and no residual value. The equipment is estimated to have a 10-year useful life and no residual value. B: Record adjusting entries for depreciation for the year ended 30 June 2018