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Question 3: Non-current assets and depreciation (17 marks) Nelson Word Processing Service Ltd uses the straight-line method of depreciation. The company's financial year end is 30 June. The following transactions and events occurred during 2016, 2017 and 2018. 20161 Purchased an IBM computer from Computer Centre Ltd for S7,500 cash and delivery costs of $220 Incurred and paid ordinary repair costs of $400 July 3 Nov Recorded 2017 depreciation on the basis of a four year life and estimated residual value of $1,000 2017 30 Jun 2018 1 Jan Paid S1,800 for a major upgrade of the computer. This expenditure is expected to increase the operating efficiency and capacity of the computer Anew computer technology released by IBM reduced the fair value of the computer purchased on 1 July 2016 to $3,000. Nelson Word Processing Service Ltd revalued the computer downwa value of S3,000. The total useful life was not affected but the residual value was estimated to be $400 30 Apr rd to the fair 31 May The computer was sold for $2,500 Required: Prepare the necessary general journal entries for Nelson Word Processing Service Lted for the years 2016, 2017 and 2018. No narrations are required. Ignore GST