C The accounting cycle for Paris Project Limited is from January 1 to December 31. At the start of July, the company signed an agreement to purchase a new warehouse for $7,500,000. The company paid 50% in cash and the remainder by taking out a 5-year loan. Annual interest expense on the loan is $750,000. Interest will be paid in cash on June 30 each year of the loan period. Annual depreciation on the new warehouse is $800,000. At the end of the accounting cycle the CFO of Paris Project Limited estimated that the new warehouse would have increased electricity and water usage from last year by 20%. Utility expenses (that comprised electricity and water) totaled $1,000,000 for the last full year. Required: At the end of the accounting cycle Paris Project Limited would have made adjustment entries to "Interest Payable', 'Depreciation Expense', and 'Utility Expenses of the following amounts? F T Select one: a. Credit. Depreciation Expense - $400,000; Debit. Interest Payable - $375,000; Credit. Utility Expense - $1,200,000