The following transactions were recorded in the accounts of Jupiter Pty Ltd for the year ended 30 June 2019:

1 July 2019

Purchased land for $800,000 and buildings for $500,000 in cash. The estimated useful life of buildings was 20 years, with a residual value of nil. Saturn Pty Ltd uses the straight line method to depreciate buildings.

1 Oct 2019

Purchased machinery at a total cost of $242,000 in cash. The estimated useful life of the machinery was 4 years with an estimated residual value of $18,000. Saturn Pty Ltd uses the straight line method to depreciate machinery.

Required:

a)Prepare the necessary journal entries for the purchaseof land, buildings and machinery during the year.

b)Prepare journal entries to record the depreciation expense for the year ended 30 June 2019.