On 31 October 2020, Regency Company reported the following as property, plant, and equipment. DR CR Land R4 000 000 Buildings 28 500 000 Accumulated depreciation: Buildings R12 100 000 Equipment 48 000 000 Accumulated depreciation: equipment 5 000 000 During the reporting period ended 31 October 2021, the following selected cash transactions occurred. 1. December 22: Made an offer to buy land at a purchase price of R1 890 000. The offer was accepted and communicated on 20 December 2021 II. January 10: Paid out to the transferring attorney R240 000(to cover the legal expense, other expenses, and transfer duty) plus the purchase price agreed with the land vendor. February 10: The transferring attorney sent an email to the company secretary notifying the company about the concluded transaction at the title deed registration office. IV. February 12: The transferring attorneys presented a final statement of account for the transferred land. The final statement of the account showed interest of R3 150 earned on the deposit held with the attorneys since 10 January 2021. No other amounts were due from the company to the attorneys or any other party in respect of this transaction. V. February 14. Received a remittance of R 3 150 from the transferring attorneys. VI. March 1: Sold equipment that cost R750,000 when purchased on 1 November 1 2017. The equipment was sold for R450,000. VII. April 1: Sold land purchased on 1 June 2011 for R1,500,000. The land cost R400,000 VIII. May 1: Purchased equipment for R2,500,000. IX. October 31: Retired equipment that cost R500,000 when purchased on 31 December 2010. No residual value was received. Additional information: X. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year useful life and no residual value. XI. The equipment is estimated to have a 10-year useful life and no residual value salvage value. (a) Prepare general journal entries in respect of the above transactions (including necessary adjusting entries) entered by the company in respect of items of property, plant, and equipment for the reporting period ended 31 October 2021. [ 25 marks] (b) Prepare the property, plant, and equipment movement schedule to accompany the statement of financial position on 31 October 2021