PartA On 1 July 2016, Dunlop Ltd purchased new equipment on credit fromSerry Lto (terms 2,30,60). The equipment was advertsed forsale at $40 000 but after careful negotiation was invoiced at a reduced price of $36 000 The cost of installation of the equipment, paid in cash on1 July 2016, was $4 000 and the equipment was expected to be sold for $10 000 at the end of its 4 years life in the busines Serry Ltd was paid in full settlement on 25 July 2016. It was decided to adopt the cost model of asset valuation and to use the straight-line method of depreciation On 30 June 2017 the value in use of the assetwas estimated to be $20 000, the assets fair value $15 000 and its replacement cost $40 000 n 31 December 2017 the equipment was sold for $18000 cash. Requiredl (a) Show the general journal entries for the 1 July 2016 transactions. Show the general journal entry for the 25 July 2016 transaction. [b) (c)Show the general journal entry for depreciation on 30 June 2017. (d) Show the general journal entry (if applicable) for the impairment of the equipment on 30 June 2017 Show the general journal entry for the depreciation of the equipment for the 6 months ending 31 December 2017 (e) Show the general journal entry to record the disposal (and gain or loss on salel of the equipmenton 31 December 2017