Jacobs Ltd reported the following non-current assets at 30 June 2025.

Required

(a) Prepare journal entries to record the transactions. Jacobs Ltd uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year useful life and no residual value. The equipment is estimated to have a 10-year useful life and no residual value.

(b) Record adjusting entries for depreciation for the year ended 30 June 2026.

(c) Prepare the non-current assets section of Jacobs Ltd’s statement of financial position as at 30 June 2026.

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Land Buildings Less: Accumulated Depreciation Buildings Equipment Less: Accumulated Depreciation Equipment Total non-current assets During the year 2025-26, the following transactions occurred: Oct. 1 Purchased land for $3 500 000. Nov. 1 $42 000 000 $ 4800000 19 400 000 22 600 000 65 000 000 10 000 000 55 000 000 $82 400 000 Sold equipment that cost $1 200 000 when purchased on 1 July 2022. The equipment was sold for $700 000. Dec. 1. Sold land (purchased on 30 April 2013) for $3 200 000. The land's original cost was $600 000. Jan. 1 May 1 Purchased equipment for $4 000 000 cash. Scrapped equipment that had cost $1 000 000 when purchased on 30 June 2017. No residual value was received.