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PART B 17 Marks Hyland Ltd commenced operation on 31 March 2020. The company balances its accounts at month end and the end of the reporting period is 31st December each year. Ignore GST. The following events occurred during 2020 and 2021. 2020 April 1 Paid $80 000 cash for a second-hand truck Paid $10 000 to recondition the engine of the truck June 30 Paid $20 000 cash for equipment. It was estimated that the equipment's useful life would be 5 years with a residual value of $1 500. August 31 Paid $750 cash for the truck's service and oil change. Dec 31 Recorded depreciation on the truck at 40% p.a. diminishing balance method, and on the equipment using straight line method. 2021 March 13 Paid $600 cash to replace a damaged bumper on the truck. July 1 Installed a new tray back on the truck at a cost of $7 500. Dec 31 It was decided to revise the diminishing balance depreciation method on the truck to 30%. Dec 31 Recorded depreciation on the truck and on the equipment. Required: a. Prepare journal entries to record the events in the transaction list above. 12 Marks b. Prepare ledger accounts for Truck, Equipment, Accumulated Depreciation - Truck, Accumulated Depreciation - Equipment. 4 Marks c. How would Equipment be reported in the Balance Sheet on 31st December, 2021. 1 Mark