PROBLEM II PROPERTY, PLANT AND EQUIPMENT Information related to PT Permai's fixed assets as of December 31, 2014 is as follows: Transactions during 2015 related to PT Permai's property and equipment are as follows: 3 Mar Exchange 2 units of old engine with 3 units of new engine. As a result of the exchange the company paid an additional $30,000 in cash per unit of new machine. The economic life of the new machine is estimated at 5 years. The 1 Aug Purchased 1 unit of shophouse for the company's product showroom for $800,000. The depreciation method used is the straight-line method and the 2 Sept Selling 5 units of cars (vehicles) for $25,000 per unit. The use of the car from the time of purchase until the date of sale is 25,000 miles. 18 Aug Purchased land for $585,000 and spent $15,000 in cash to build roads and fences. 31 Dec Recorded the depreciation of fixed assets owned by PT Permai (during 2015 the car had been used for 20,000 miles). Required: Prepare all necessary journal entries related to the fixed assets PROBLEM II PROPERTY, PLANT AND EQUIPMENT Information related to PT Permai's fixed assets as of December 31, 2014 is as follows: Transactions during 2015 related to PT Permai's property and equipment are as follows: 3 Mar Exchange 2 units of old engine with 3 units of new engine. As a result of the exchange the company paid an additional $30,000 in cash per unit of new machine. The economic life of the new machine is estimated at 5 years. The 1 Aug Purchased 1 unit of shophouse for the company's product showroom for $800,000. The depreciation method used is the straight-line method and the 2 Sept Selling 5 units of cars (vehicles) for $25,000 per unit. The use of the car from the time of purchase until the date of sale is 25,000 miles. 18 Aug Purchased land for $585,000 and spent $15,000 in cash to build roads and fences. 31 Dec Recorded the depreciation of fixed assets owned by PT Permai (during 2015 the car had been used for 20,000 miles). Required: Prepare all necessary journal entries related to the fixed assets