PROBLEM II. PROPERTY, PLANT AND EQUIPMENT Information related to PT Permai's fixed assets as of December 31, 2014 is as follows: 03 Mar Transactions during 2015 related to fixed assets of PT Permai as follows: Exchanged 2 units of old machines for 3 units of new machines. As a result of the exchange, the company paid an additional $30,000 cash per unit of new machinery. The economic life of the new machine is estimated at 5 years. The exchange resulted in a profit for PT Permai of $13,000. The residual value of the new machines is estimated at $5,000 per unit. 1 Aug Purchased 1 unit of shop for the company's product showroom for $800,000. The depreciation method used is the straight-line method and the residual value is estimated at 20% of the cost. 2 Sept Sold 5 vehicles for $25,000 each. The use of the car from the initial purchase to the date of sale is 25,000 miles. 18 Aug Purchased land for $585,000 and shelled out $15,000 cash to build roads and fences. 31 Dec Record depreciation of fixed assets owned by PT Permai (during 2015 the car has been used as much as 20,000 miles). Required: Make all necessary journal entries related to the fixed assets