Question 5 (25 marks) Complex Computer Ltd. had a December 31 year end. Complex Computer Ltd. completed the following transactions 2018 February 01: Paid 3,000,000 plus $ 100,000 in legal fees, pertaining to all assets purchased, to acquire the following assets: Estimated Useful Life Estimated Residual Value Appraised Value Asset Land 900,000 $200,000 20 years Building Equipment 1,600,000 50,000 800,000 10 years Complex Computer Ltd. used the straight-line amortization method. March 01: Purchased a van for $ 60,000 cash. Complex Computer Ltd. determined that the estimated useful life of the van was 5 years with no residual value March 01: Complex Computer Ltd. paid $ 4,000 cash to paint the company's logo on the van. June 01: Complex Computer Ltd. paid $ 65,000 cash for annual maintenance work done on the equipment December 31: Complex Computer Ltd. recorded amortization on its assets. 2019 July 01: Complex Computer Ltd. sold the van for $ 40,000 December 31: Complex Computer Ltd. recorded amortization on its assets. Required: A. Record the above transactions in a general journal. Provide explanations. Round all amounts to the nearest dollar B. Show the balance sheet presentation of the assets at December 31, 2019. Question 5 (25 marks) Complex Computer Ltd. had a December 31 year end. Complex Computer Ltd. completed the following transactions 2018 February 01: Paid 3,000,000 plus $ 100,000 in legal fees, pertaining to all assets purchased, to acquire the following assets: Estimated Useful Life Estimated Residual Value Appraised Value Asset Land 900,000 $200,000 20 years Building Equipment 1,600,000 50,000 800,000 10 years Complex Computer Ltd. used the straight-line amortization method. March 01: Purchased a van for $ 60,000 cash. Complex Computer Ltd. determined that the estimated useful life of the van was 5 years with no residual value March 01: Complex Computer Ltd. paid $ 4,000 cash to paint the company's logo on the van. June 01: Complex Computer Ltd. paid $ 65,000 cash for annual maintenance work done on the equipment December 31: Complex Computer Ltd. recorded amortization on its assets. 2019 July 01: Complex Computer Ltd. sold the van for $ 40,000 December 31: Complex Computer Ltd. recorded amortization on its assets. Required: A. Record the above transactions in a general journal. Provide explanations. Round all amounts to the nearest dollar B. Show the balance sheet presentation of the assets at December 31, 2019