On 1 July 2017, Rock the Wok Ltd acquired equipment for $100,000 cash. Transport and installation costs of $4200 were paid on 5 July 2017. The expected useful life of equipment and residual value were estimated to be 10 years and $1800 respectively. At 30 June 2018, the fair value of equipment was assessed for $80 000. The remaining useful life was assessed to be 8 years and residual value estimated to be negligible (zero). At 30 June 2019, the fair value of equipment was assessed to be $81 750. Required a. Prepare the journal entries to record the purchase of equipment. Nations are required. 3 marks b. Prepare the other relevant journal entries in the books of the Rock the Wok Ltd for the years ending 30 June 2018 and 2019.