Assignment - Fund and Other Investments 1 to 7 are based on the following On January 1, 2018, ABC Corporation's board of directors passed a resolution authorizing the construction of a factory building. Construction will start on January 1, 2021 and the estimated construction cost is P5,000,000. To set up a plant expansion fund, a contract was entered into with a local bank offering 12% interest compounded annually, whereby ABC shall make contributions to a fund on January 1, 2018, 2019 and 2020 which will total P5,000,000 on January 1, 2021. The building was completed on March 31, 2021 at a total cost of P5,500,000 Note: use the whole PV factor and round-off all computations to the nearest peso. Required: Give the journal entry to record: 1. January 1, 2018 1" annual contribution to the fund. 2. December 31, 2018 interest eared on fund. 3. January 1, 2019 2" annual contribution to the fund. 4. December 31, 2019 interest eared on the fund. 5. January 1, 2020 39 annual contribution to the fund. 6. December 31, 2020 interest eared on the fund. 7. March 31, 2021 payment of cost of building. Chart of Accounts A. Cash B. Building C. Plant Equipment Fund D. Interest Income