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Question 4Samdisk Ltd owns a property which was purchased on 1 January2015 for $5,000,000, of which $1,000,000 was consideredto relate to the land on which the building is situated. Thecompany has followed a policy of depreciating the buildings attherate of 5 percent on cost per annum. On 31 December 2017, theproperty was valued by a firm of chartered surveyors at$4,000,000 of which $1,200,000 was considered attributable tothe value of the land. The valuers further estimated that theproperty possessed a remaining useful life of 30 years from 1January 2018.Required:a Prepare journal entries with narratives for recording therelevant transactions for the year ended 31 December 2017 for thisproperty. b Prepare journal entries with narratives for recording thedepreciation charges for this property. c Show the details relating to the property which would appearin the statement of financial position and statement of profit orloss on 31 December 2017 and 31 December 2018.