Large Mart is currently working on the development of a new Artificial Intelligence (AI) platform that positively impacts its business processes. In order to complete this project, Large Mart has purchased the following items:

• An Ergo Edge Sit Stand Desk to improve the productivity of the AI team.
• A computer system, used to develop new AI models.

The Ergo Edge Sit Stand Desk was purchased on credit on 3^rd of January 202x. The cost of the desk was $18,000. Large Mart received the desk on 5th January 202x but before Large Mart was able to start using the desk it was necessary to make some adjustments for a total cost of $3,000. Having made these adjustments, Large Mart was able to start using the desk on 10 January 202x. The desk was paid on 28^th January 202x and Large Mart received an early payment discount of 5% when the payment was made.

Large Mart expects to use the desk for a period of 4 years. At the end of its useful life, the desk is expected to have a residual value of $2,000. The depreciation method used for the desk is the declining balance method of depreciation. Large Mart has calculated that the declining balance depreciation percentage of the desk as 50%.

On 1st March 202x, the accounting department of Large Mart decides to revalue the desk to its fair value of $19,000.

The notebook computer was purchased on credit (and received) on 7th January 202x. The computer had a list price of $8,000. However, because Large Mart purchases all of its notebook computers from this supplier, Large Mart was able to receive a volume discount of 15%. As a result, the supplier only sent Large Mart an invoice for $6,800. Large Mart paid the computer on 10^th January 202x after deducting an early payment discount of 7%.

Required:

1) (1 mark) Provide all journal entries that are necessary in the books of Large Mart to account for the purchase and payment of the notebook computer.

2) (1 mark) Provide all journal entries that are necessary in the books of Large Mart to account for the depreciation of the desk for the month of January 202x AND provide a detailed outline of all required calculations

3) (1 mark) Provide all journal entries that are necessary in the books of Large Mart to account for the revaluation of the desk on 1st March 202x AND provide a detailed outline of all required calculations.