Student Practical task A company (VAT payer) sells bicycles. The company uses the perpetual inventory system FIFO method. Beginning merchandise inventory is 200 bicycles for 80 each. During May, 2022, the company completed the following transactions: No. Date Transactions 1. 01 Prepaid 3 month insurance. 2. 02 Purchased 100 bicycles for 85 each + VAT-1785 on account from "M" company. 3. 04 06 Sold 130 bicycles for 150 each + VAT 4095 on account to "K" company. Sold 100 bicycles for 150 each + VAT 3150 to "G" company and received cash. Purchased 15 bicycles for 83 each +VAT 261.45 and paid cash. Paid supplier for goods purchased on May 2. 5. 09 6. 10 7. 12 Received cash from the customer who purchased goods on May 4 8. 13 Purchased computer for 660 + VAT 138.60 on account from company "W". Purchased 60 bicycles for 88 each + VAT 1108.80 on account from "D" 9. 16 company. 10. 20 Sold 66 bicycles for 160 each + VAT 2217.60 on account to "C" company. Paid on account company "W" 11. 25 12. 31 13. 31 14. 31 Received an electricity bill, 200 + VAT 42 Received a telephone bill, 77 +VAT 16.17 . Accrued depreciation on building 80 Requirement: Enter transactions into the journals. Closed VAT accounts. Determine the depreciation expense on the computer using the straight-line method for 2022. The residual value of this asset is 0 (zero). The asset was placed in service on the purchased day. Gene