d. Ming Enterprise incurred (and paid) the following expenditures in acquiring an administration building and the land on which it is built: Date $ Additional information 1 January 2011 200,000,000 20 per cent of the price is attributable to the land 1 January 2011 20,000,000 Non-refundable transfer taxes (not included in the $200,000,000 purchase price) 1 January 2011 1,000,000 Legal costs directly attributable to the acquisition 1 January 2011 10,000 Reimbursing the previous owner for prepaying the non-refundable local government property taxes for the six-month period ending 30 June 2011 30 June 2011 20,000 Non-refundable annual local government property taxes for the year ending 30 June 20X2 Throughout 2011 120,000 Day-to-day repairs and maintenance, including the salary and other costs of the administration and maintenance staff. These costs are attributable equally to each of the 10 units. At 31 December 2011 Ming Enterprise made the following assessments: i. Useful life of the building: 50 years from the date of acquisition ii. Residual value of the building: $20,000,000 iii. The entity will consume the building's future economic benefits evenly over 50 years from the date of acquisition iv. Fair value less costs to sell of the land and building: $250,000,000. The Council of Community Colleges of Jamaica Page 13 ACCT3604 Prepare accounting (Journal) entries to record the effects of the property, plant and equipment in the accounting records of Ming Enterprise for the year ended 31 December 2011. (15 marks)