Consider the following two scenarios: Case A On 27 February 20X7, JJJ Inc. upgraded its windows and doors in order to make the building greencertified. The upgrades have a 20 -year useful life. JJJ will recelve a 30% rebate on total cost If it can demonstrate reduced utilities draw by 55\% over a 5-year perlod. The funds are recelved up front, upon submission of the costs. A report is filed annually over the next 5 years. Total amount spent on upgrades: $5,120,000. Case B RBH Inc. was provided with a $370,000 forglvable loan to help offset increased sick pay that was mandated by the government. The loan is intended to provide rellef for the first 2 years of the program. Required: 1. Prepare the journal entries: 1. Under both the net and the deferral method 2. If It is netted against expenses or recorded as income (If no entry is required for a transaction/event, select "No journal entry required" In the flrst account fleld Journal entry worksheet 345678 Record the $5,120,000 cost incurred on building upgrades under the net method. Note: Enter debits before credits. Consider the following two scenarlos: Case A On 27 February 207, JJJ Inc. upgraded Its windows and doors in order to make the building greencertified. The upgrades have a 20 -year useful life. JJJ will recelve a 30% rebate on total cost If it can demonstrate reduced utilities draw by 55% over a 5 -year period. The funds are recelved up front, upon submission of the costs. A report is filed annually over the next 5 years. Total amount spent on upgrades: $5,120,000. Case B RBH Inc. was provided with a $370,000 forgivable loan to help offset Increased sick pay that was mandated by the government. The loan is intended to provide rellef for the first 2 years of the program. Required: 1. Prepare the journal entries: 1. Under both the net and the deferral method 2. If it is netted against expenses or recorded as income (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. Journal entry worksheet Record the 30% rebate on total cost of building upgrades under the net method. Note: Enter debits before credits. Consider the following two scenarios: Case A On 27 February 207, JJJ Inc. upgraded its windows and doors in order to make the building greencertified. The upgrades have a 20 -year useful life. JJJ will recelve a 30% rebate on total cost If it can demonstrate reduced utilities draw by 55% over a 5 -year perlod. The funds are recelved up front, upon submission of the costs. A report is filed annually over the next 5 years. Total amount spent on upgrades: $5,120,000. Case B RBH Inc. was provided with a $370,000 forgivable loan to help offset increased sick pay that was mandated by the government. The loan is intended to provide rellef for the first 2 years of the program. Required: 1. Prepare the journal entries: 1. Under both the net and the deferral method 2. If it is netted against expenses or recorded as income (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. Journal entry worksheet 5678 Record the depreciation expense on the building upgrades under the net method. Note: Enter debits before credits. Consider the following two scenarios: Case A On 27 February 207, JJJ Inc. upgraded its windows and doors in order to make the building greencertified. The upgrades have a 20 -year useful life. JJJ will recelve a 30% rebate on total cost If it can demonstrate reduced utilities draw by 55\% over a 5-year perlod. The funds are recelved up front, upon submission of the costs. A report is filed annually over the next 5 years. Total amount spent on upgrades: $5,120,000. Case B RBH Inc. was provided with a $370,000 forgivable loan to help offset Increased sick pay that was mandated by the government. The loan is intended to provide rellef for the first 2 years of the program. Required: 1. Prepare the journal entries: 1. Under both the net and the deferral method 2. If it is netted against expenses or recorded as income (If no entry is required for a transaction/event, select "No journal entry required" In the flrst account fleld Journal entry worksheet 1 78 Record the $5,120,000 cost incurred on building upgrades under the deferral method. Note: Enter debits before credits. Consider the following two scenarios: Case A On 27 February 207, JJJ Inc. upgraded its windows and doors in order to make the building greencertified. The upgrades have a 20 -year useful life. JJJ will recelve a 30% rebate on total cost if it can demonstrate reduced utilities draw by 55% over a 5 -year period. The funds are recelved up front, upon submission of the costs. A report is filed annually over the next 5 years. Total amount spent on upgrades: $5,120,000. Case B RBH Inc. was provided with a $370,000 forgivable loan to help offset increased sick pay that was mandated by the government. The loan is intended to provide rellef for the first 2 years of the program. Required: 1. Prepare the journal entries: 1. Under both the net and the deferral method 2. If it Is netted against expenses or recorded as income (If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld.) Journal entry worksheet