PSB8.2 Journalise equipment transactions related to purchase, sale, scrapping anddepreciation. LO2, 4, 8 At 31 December 2018, King Ltd reported these PPE assets: Land $ 3600000 Buildings $31800000 Less: Accumulated depreciationbuildings 14520000 17280000 Equipment 48000000 Less: Accumulated depreciationequipment 6000000 42000000 Total PPE assets $62880000 During 2019, the following selected cash transactions occurred: Apr. 1 Purchased land for $2400000. May 1 Sold equipment that cost $720000 when purchased on 1 January 2015. The equipment was sold for $420000. June 1 Sold land for $1800000. The land cost $500000. July 1 Purchased equipment for $2000000. Dec. 31 Scrapped equipment that cost $500000 when purchased on 31 December 2009. No residual value was received. Required (a) For the transactions complete the following. 1. Journalise the transactions. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2019 transactions.) King Ltd uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and noresidualvalue;theequipmentisestimatedtohavea10-yearusefullifeandnoresidual value. Update depreciation on assets disposed of at the time of sale or scrapping. 2. Record adjusting entries for depreciation for 2019. 3. Prepare the PPE assets section of King Ltds statement of financial position as at 31 December 2019. (b) Repeat requirement (a) above assuming GST of 10% applies to all relevant transactions.