Question 2 At 30 June 2018, Porter Ltd reported the following PPE assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total PPE assets $28 500 000 12 100 000 48 000 000 5 000 000 $ 4000000 16 400 000 43 000 000 $63 400 000 During the financial year ending 30 June 2019, the following selected cash transactions occurred: Aug. 1 Purchased land for $2 630 000. Oct. 1 Sold equipment that cost $675 000 cash when purchased on 1 January 2012. The equipment was sold for $350 000 cash. Dec. 1 Sold land purchased on 1 June 2004 for $1 800 000. The land cost cash $300 000. Jan. 1 Purchased equipment for $1 000 000. June 30 Scrapped equipment that cost $470 000 when purchased on 31 December 2007. No residual value was received. Required For the transactions complete the following. a. Journalise the transactions. Porter uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. Update depreciation on assets disposed of at the time of sale or retirement. b. Record adjusting entries for depreciation for the year ending 30 June 2019. c. Prepare the PPE assets section of Porter Ltd's statement of financial position at 30 June 2019.