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Question 1 (25 marks) NARRATIONS and CALCULATIONS are required for All journals. Transactions in parts (a) to (d) are unrelated. Part (a) (13 marks) Vivian's Violin Store purchased new display equipment costing 532,000 on 1 August 202. The company ako paid $500 for delivery. The equipment was installed at a further cost of $2,500. The company paid $1,000 for an annual maintenance contract. The company expects the display equipment to be used for 7 years, after which it will sell for about 51,400 Marks will be warded for showing calculations. Narration must be provided for all journal. Calculate the cost of the equipment Prepare the adjusting entry in the general journal for depreciation on 31 December 2021 Prepare the adjusting entry in the general journal for depreciation on 31 December 2022. Complete the extract of the Balance Sheet for Vivian's Violin Store L W. SOLUTION Party 0 8 3 O B A o T R K y H G F . N B Portal Date Details D Part 1) Details Date Test 7031 VI 3 SE S . 0 O C S R K H G M N B Part (iv) 2021 2022 2023 Display Equipment Less: accumulated depreciation Carrying value