During the year, Ann Arbor Publishing Company had the following transactions: OZJAN: Pald $170,000 to purchase copyrights to a series of action/adventure books. The copyrights expire in 40 years, although sales of the books are expected to stop after 10 years. 03JAN: Purchased a parcel of land with a building on it for $3,500,000 cash. The building, which will be used in operations, has an estimated useful life of 30 years and a salvage value of $200,000. The assessed valuation for property tax purposes show the land at $280,000 and the building at $2,520,000. 15JAN: Paid $180,000 of the construction of an asphalt parking lot for customers. The parking lot is expected to last 15 years and has no salvage value. 15JAN: Paid $500,000 for the construction of a new entrance to the building. 03FEB: Purchased store equipment, paying the invoice price (including 7% sales tax) of $89,000 in cash. The estimated useful life of the equipment is 5 years, and the salvage value is $4,000. Use double declining balance depreciation. 15FEB: Paid $640 freight on the new equipment. 23FEB: Paid $1,200 to repair damages to floor caused when the store equipment was accidentally dropped as it was moved into place. 26FEB Paid $50 for an umbrella holder to pace inside from door (customer may place wet umbrellas in the holder). The holder is expected to last 30 years. 01MAR: Discovered a satellite dish antenna has been destroyed by lightning. The loss is covered by Insurance and a claim is filed today. The antenna cost $18,360 when installed on July 1, 2018 and was being depreciated over 12 years with a $1,800 salvage value. Straight-line depreciation was last recorded on December 31, 2018. Ann Arbor Company expects to receive an insurance settlement of $17,000 01APR: Paid $140,000 to remodel space to create an employee exercised area on the lower level in a leased building. The building's remaining useful life is 40 years: the lease on the building expires in 12 years. 0110L: Paid $540,000 to acquire a patent on a new publishing process. The patent has a remaining legal life of 15 years. Ann Arbor Company estimates the new process will be utilized for 6 years before it becomes obsolete. OINOV: Paid $180,000 to obtain a 4-year franchise to sell a new series of computerized do-it-yourself manuals. Prepare the Journal Entries to record these transactions. Prepare the year-end Journal Entries to record the depreciation and amortization. Unless specified, use straight-line depreciation and amortization GENERAL LEDGER - Ann Arbor Company 2-Jan Copyrights Cash 3-Jan Land Building Cash 15-Jan Land Improvements - Parking Lot Cash 15-Jan Building Cash 3-Feb Store equipment Cash 15-Feb Store equipment Cash 23-Feb Repairs Expense Cash 26-Feb Miscellaneous Expense Cash 1-Mar Depreciation Expense - Antenna Accumulated Depr - Antenna 1 - Mar Insurance Co. Receivable Loss on Settlement Accumulated Depr - Antenna Antenna 1-Jul Patent Cash 1-Nov Franchise 1-Mar Depreciation Expense - Antenna Accumulated Depr - Antenna 1-Mar Insurance Co. Receivable Loss on Settlement Accumulated Depr - Antenna Antenna 1-Jul Patent Cash 1-Nov Franchise Cash 31-Dec Depreciation Expense - Building Accumulated Depr - Building 31-Dec Depreciation Expense - Land Improvements Accumulated Depr - Land Improvements 31-Dec Depreciation Expense - Store Equipment Accumulated Depr - Store Equipmemt 31-Dec Amortization Expense - Copyrights Copyrights 31-Dec Amortization Expense - Patents Patents 31-Dec Amortization Expense - Franchise Franchise