Prepare journal entries of AirAsia Corporation for the following transactions, including explanation: August 1, 2020 Purchased a Honda van for $80 000 with a $8 000 residual value and a 5 years useful life by paying $20,000 cash and the balance by 2 instalment for the next 2 months. (Ignore interest) December 31, 2020 Record the adjusting entry for depreciation using the straight-line method to the nearest month. April 30, 2021 Sold the equipment for $73,600 on account to Lee Rubber