4. You are the Controller for Dane College, a not-for-profit entity. Based on the events listed below that occurred during the year, you need to make the appropriate accounting journal entries for the fiscal year ended June 30, 2021.

e. The Colleges fixed assets have an historical cost of $120 million, an estimated salvage value of $20 million, and an estimated useful life of 40 years. Record the applicable depreciation amount.