2 (18 marks): Q2 mark Pekoe Co is a publicly listed company. On January 1, 2020 Pekoe purchased a warehouse from Twinings Ltd in exchange for a two year zero-interest bearing note (with an effective Interest rate of 5%). At the end of two years, Pekoe will pay Twinings $200,000. Pekoe expects to use the warehouse for 20 years, after which Pekoe will sell the warehouse for approximately $30,000. Pekoe uses the revaluation model for buildings and structures. Required (a through f): (a) (4 marks) What will the value of the note receivable be from Twinings perspective at December 31, 2020? (note that the value will be the same from Pekoe's perspective) (b) (2 marks) Record the purchase of warehouse (and recognition of note payable) from Pekoe's perspective. (c) (2 marks) Calculate annual depreciation on the warehouse. (d) (6 marks) The value of the warehouse at December 31, 2023 (the first revaluation date) is $165,000. Prepare all required journal entries on this date (including depreciation). (e) (2 marks) Calculate depreciation on the warehouse for the year ended December 31, 2024 in (2 marks) How would your response change to part (b) if the asset was an investment property using the fair value model