C. Purchase a new building for $400,000 in cash. The building has an estimated life of 30 years and an estimated salvage value of $40,000. Your company would use the straight- line method of depreciation on the building. Had you purchased the new building, you would have saved $2,000 of rent expense EACH MONTH on your current building from May through December. It was projected that the location of the new building could have increased your sales (all in cash to local customers) by $80,000 and your cost of goods sold by $37,000 (and reduced your existing inventory) in 2021. In order to help pay for these transactions, you would have sold 6,000 new shares of common stock for $34 per share in cash on May 1, 2021. You would have declared a $2.00 cash dividend on these shares on December 1 and paid the cash dividend on December 19, 2021 (as described in transaction q." in computer problem 2. INSTRUCTIONS FOR PARTS B AND C 1. Prepare the entries which would have been made to record the events of Alternative C, including any adjusting entries on December 31, 2021. No dates are needed on these entries since the sales would have been made throughout several months of the year 2021. C. Purchase a new building for $400,000 in cash. The building has an estimated life of 30 years and an estimated salvage value of $40,000. Your company would use the straight- line method of depreciation on the building. Had you purchased the new building, you would have saved $2,000 of rent expense EACH MONTH on your current building from May through December. It was projected that the location of the new building could have increased your sales (all in cash to local customers) by $80,000 and your cost of goods sold by $37,000 (and reduced your existing inventory) in 2021. In order to help pay for these transactions, you would have sold 6,000 new shares of common stock for $34 per share in cash on May 1, 2021. You would have declared a $2.00 cash dividend on these shares on December 1 and paid the cash dividend on December 19, 2021 (as described in transaction q." in computer problem 2. INSTRUCTIONS FOR PARTS B AND C 1. Prepare the entries which would have been made to record the events of Alternative C, including any adjusting entries on December 31, 2021. No dates are needed on these entries since the sales would have been made throughout several months of the year 2021