4 On January 1, 2020, a company bought a warehouse for $1,000,000 by paying $600,000 in cash and financing the rest with an 11%, 2-year installment note with a local bank. The building had an estimated useful life of 20 years and residual value of $200,000. The company depreciates this building using the straight-line method. The first monthly payment of $18,643 is due on January 31, 2020. Requirement 1: Journalize the acquisition of this warehouse on January 1, 2020. JE Acquisition of warehouse Dr. Cr. Requirement 2: On January 1, 2022, the company added an A/C system costing $35,000 to the warehouse, increasing its useful life by 10 years and reducing its residual value by 50,000. What is the depreciation expense in 2022? What is the book value of this warehouse in the 2022 balance sheet? Requirement 3: On June 30, 2023, the company exchanged the old warehouse for a new warehouse that cost $2,000,000 with a trade-in allowance of $800,000 and the rest paid in cash. Journalize this exchange. JE Exchange of warehouse Dr. Cr. Requirement 4: Complete the first three rows of an amortization schedule for the installment note. Round the numbers to the nearest integer. Date [1] Cash paid Interest expense Change in carrying value Carrying value [2] [3] [4] [5] 01/01/2020 01/31/2020 02/28/2020 Requirement 5: Record the second payment on the installment note on January 31, 2020. JE Dr. Cr