Current Attempt in Progress

Sheridan Tool Supply Company purchased land and a building on April $1,2022,$ for $$384,000.$ The company paid $$117,600$ in cash and signed a $5\%$ note payable for the balance. At that time, it was estimated that the land was worth $$152,000$ and the building, $$232,000.$ The building was estimated to have a $25-$year useful life with a $$38,500$ residual value. The company has a December $31$ year end, prepares adjusting entries annually, and uses the straight$-$line method for buildings; depreciation is calculated to the nearest month. The following are related transactions and adjustments during the next three years.

$2022$

Jec. $31$ Recorded annual depreciation.

$31$ Paid the interest owing on the note payable.

Answer both the january $31$ transactions with the journal entries