Question 2: Non-current Assets (10 marks) Richard Pty Ltd has an accounting financial year which ends on 30 June. The company purchased an equipment on 1 July 2021 for $972,000 cash. It is expected to run 4,000 hours during its useful life of five years. The company plans to use the machine for 1,000,500,750, and 750 hours each year since its acquisition. The residual value of the equipment is expected to be $4,000 after its useful life. Required (a) Prepare the journal entries to record the purchase of equipment on 1 July 2021. (b) Assuming units of activity method, calculate the depreciation cost per unit and depreciation expenses for the financial year 2022 and 2023 , respectively. (c) Assuming diminishing-balance method, calculate the depreciation rate and prepare the adjusting journal entries to record depreciation expense for the financial year 2022 and 2023 , respectively. (d) On 31 December 2023, the equipment was revalued to $65,000. Assuming diminishingbalance method was applied, prepare the journal entries for the revaluations