Pt0.5. Joumalise a senies of equipment transactions related to purchase. sale, retirement. and depreciation At December 31, 2021, Grand Regency Limited reported the following as Non-current tangible assets: During 2022, the following selected cash transactions occurred. April 1 Purchased land for R2,130,000. May 1 Sold equipment that cost R750,000 when purchased on January 1, 2018. The equipment was sold for R450,000. June 1 Sold land purchased on June 1, 2012 for R1,500,000. The land cost R400,000. July 1 Purchased equipment for R2,500,000. Dec. 31 Retired equipment that cost R500,000 when purchased on December 31, 2012. No salvage value was received. Required: Required: (a) Prepare general journal entries the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50 -year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. The structure of your answer (handwritten) is shown below (b) Record adjusting entries for depreciation for 2022 gr answer (handwritten) is show below. (c) Prepare the non-currents section of Grand's SoFP at December 31, 2022. (d) Wolufu, one of the directors, while reviewing the statement of profit or loss noted figure on depreciation. Wolufu wonders loudly: what is depreciation expense and when did the company pay for it? Can someone help me? You are required to write a memo to Wolufu to explain the meaning of depreciation and when the company made payment for depreciation expense