Question 3 (20 marks) Accounting for Non-current Asset Part 1 (10 marks): Kiri Printing Service Ltd uses the straight-line method to account for the depreciation of their non-current assets. The company's financial year end is 31 December. The following transactions and events occurred during the first three years. 2016 June 1 Purchased a Xero printer from the Computer Centre for $8,650 on cash Oct. 3 Paid ordinary repair costs of $800 in cash. Dec. 31 Recorded 2016 depreciation expense on the basis of a five-year expected useful life and estimated residual value of $1.450. 2017 Dec. 31 Recorded 2017 depreciation expense. 2018 Jan. 1 Paid $2,000 in cash for a major upgrade to increase the operating efficiency and capacity of the Xero printer 2019 Dec 31 The Xero Printer was sold at a price of $6,021. REQUIRED: Prepare the necessary journal entries to account for the transactions above and show your workings. Description Date Debit (5) Credit