QUESTION $4(25$ marks$)$ Walker $($Pty$)$ Ltd $($Walker$)$ is a company that manufactures kitchen cupboards. Walker has a $30$ June financial year$-$end. Account Note Debit $($R$)$ Credit $($R$)$ Share capital $2000000$ Land $(1$ July $2023)18500000$ Retained income $(1$ July $2023)1350700$ Machinery cost $(1$ July $2023)21800000$ Machinery $-$ accumulated depreciation $(1$ July $2023)2337500$ Equipment $-$ cost $(1$ July $2023)3950000$ Equipment $-$ accumulated depreciation $(1$ July $2023)3285000$ Bank $125000$ The following transactions took place during the current financial year and have not yet been recorded: Note $1$: Land: On $1$ January $2024,$ Walker received the valuation report from the bank, stating that the land is worth R$9250000.$ The land was purchased on $1$ January $2022.$ Note $2$: Machinery: Machinery consists of $1$ machine that is used to cut the material in the shape that is required. This machine consists of $2$ components, namely mechanical and control. The mechanical component contributes to $75\%$ of the total cost of the machinery and the balance of $25\%$ of the total cost is attributable to the control component. The mechanical component has a useful life of $10$ years, and the control component only has a useful life of $5$ years and are depreciated on the straight$-$line method. The machine was purchased and ready for use on the $1$st of January $2022.$ Components: Mechanical Control Component contribution: $75\%25\%$ Useful life: $10$ years $5$ years Purchase date: $1$ January $20221$ January $2022$ On the $1$st of May $2024$ the control component of the machine broke and needed to be replaced. The component was relaced immediately at a cost of R$550000.$ The component was ready for use on the $1$st of May $2024.$ Walker paid the supplier at the end of the month as agreed. The new control component has a useful life of $6$ years and is depreciated on the straight$-$line method. Note $3$: Equipment: Equipment consists of $20$ drills. All the drills have been purchased on the $1$st of January $2022.$ All drills were available for use on the $1$st of January $2022.$ These drills have a useful life of $5$ years and are depreciated on the straight$-$line method. On the $31$st of November $2023,$ Walker had to service all the drills at a cost of R$32000.$ They paid the service provider immediately in cash. Additional information: Walker is not a registered VAT vendor. Land is accounted for on the revaluation model. Exclude all income and deferred taxation implications.

$\backslash$table$[[$Account$,$Note,Debit $($R$),$Credit $($R$)],[$Share capital,,,$2000000],[$Land $(1$ July $2023),1,8500000,],[$Retained income $(1$ July $2023),,,1350700],[$Machinery $-$ cost $(1$ July $2023),2,1800000,],[\backslash$table$[[$Machinery $-$ accumulated depreciation $(1],[$July $2023)]],2,,337500],[$Equipment $-$ cost $(1$ July $2023),3,950000,],[\backslash$table$[[$Equipment $-$ accumulated depreciation $(1],[$July $2023)]],3,,285000],[$Bank$,,125000,]]$REQUIRED: $4\mathrm{.}1$ By referring to notes $1$ and $3,$ prepare the general journal entries to account for transactions related to land and equipment in the accounting records of Walker $($Pty$)$ Ltd for the year ended $30$ June $2024.$ Journal dates and narrations are not required. $(7$ marks$)4\mathrm{.}2$ By referring to note $2,$ calculate the depreciation expense for the machinery for the year ended $30$ June $2024.(8$ marks$)4\mathrm{.}3$ Prepare an extract of the Statement of Financial Position of Walker $($Pty$)$ Ltd showing only the Non$-$current Assets of Walker Ltd for the year ended $30$ June $2024.$ Totals are not required. Round off to the nearest Rand where applicable. Reference all workings $($including those from $4\mathrm{.}1/4\mathrm{.}2)$