Question 8 (a) Fish Service Ltd uses the straight-line method of depreciation. The company's financial year end is June 30. The following transactions and events occurred during the first two years. 2016 January 1 Purchased a computer from the Computer Centre for $7,000 cash and delivery costs of $250. March 3 Paid ordinary repair costs of $440. June 30 Recorded 2016 depreciation using straight-line method of depreciation. The useful life of the computer equipment is four years with estimated residual value of $1,250. 2017 June 30 Recorded 2017 depreciation. Required: Prepare the necessary journal entries for Fish Ltd. Ignore the effects of GST. Show all your workings. Narrations are not required. (b) Santa Ltd has a financial year of June 30, and measures its assets using the fair value basis in accordance with AASB 116 Property, Plant and Equipment. On July 1, 2013, Santa Ltd acquires a piece of land at a cost of $500,000 and a building at a cost of $195,000, both for cash. The company uses the straight-line method of depreciation and the useful life of the building is 10 years. On June 30, 2014, the land is revalued to $650,000. On June 30, 2015, the building is revalued to $145,000. Required: Prepare the necessary journal entries for Santa Ltd for years 2013 to 2015 including depreciation. Show all your workings. Narrations are not required