On 2 January 2018, Powerhouse Ltd purchased, by exchanging $282,000 cash and a$169,000,12%,18month nance company loan, assets with the following independently determined appraised values: Appraised value Building $320,000 Land 80,000 Machinery and equipment 100,000 $500,000 The estimated useful life of the building is 30 years and its residual value is $19,000. The $100,000 machinery and equipment amount consists of three machines independently valued at $29,000 each and some ofce equipment valued at $13,000. The estimated useful lives and residual values for these assets are: Useful life Residual value Machine 1 6 years $3,100 Machine 2 9 years 3,200 Machine 3 4 years 4,200 Ofce equipment 5 years 500 Powerhouse Ltd uses the straightline depreciation method. Ignore GST. Prepare journal entries (in general journal form) to record the following. (Enter all debit entries first, followed by all credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) 1. The purchase of the assets. Powerhouse Ltd General journal (extract) Date Particulars Debit Credit 2018 V Jan. 2 V V V V (To record purchase of various assets) 2. The accrual of interest expense on the loan on 31 December 2018. Powerhouse Ltd General journal (extract) Date Particulars Debit Credit 2018 Dec. 31 (To record annual interest. Not a qualifying asset) 3. Depreciation expense for the year 2018. Powerhouse Ltd General journal (extract) Date Particulars Debit Credit 2018 Dec. 31 V V (To record annual depreciation) 4. The payment of the loan on 2 July 2019. Powerhouse Ltd General journal (extract) Date Particulars Debit Credit 2019 July 2 V V (To record repayment of loan plus interest)