The following selected ledger account balances relate to Charlie's Chocolate Factory Ltd, a small chocolate factory, on 1 July 2016. CR Land Equipment 175000 Accumulated Depreciation- Equipment 145 000 96 500 Motor Vehicles Accumulated Depreciation Motor Vehicles 168 500 62 500 The Equipment has a residual value of $25 000 and a useful life of 12 years and is being depreciated using the straight-line method. The Motor Vehicles have a residual value of $24 000 and are being depreciated using diminishing balance method at a rate of 30%. The following events relate to the non-current assets of Charlie's Chocolate Factory Ltd. 2016 1 July Paid $82 000 to make some major improvements to the equipment that extended its useful life to 15 years and increased its expected residual value to $30 000. 2017 1 Jan Traded-in all of the vehicles for new vehicles costing $192 000. Charlie's received a trade-in allowance of $82 000 on the used vehicles, and paid the remainder in cash. A diminishing balance depreciation rate of 40% will apply to the new vehicles. Paid $700 for the first regular service of the new motor vehicles. 1 March 30 June Prepare entries in general journal form to record the events described above. Depreciated the vehicles and equipment as part of normal end of year adjustments