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i am kindly seeking assistance with the below question and working, plz Consider the following two scenarios. Case A On 27 February 207,3JJ Inc upgraded
i am kindly seeking assistance with the below question and working, plz
Consider the following two scenarios. Case A On 27 February 207,3JJ Inc upgraded as windows and doors in order to make the building green certified The upgrades have a 20 year useful iife. JJ will receive a 25% rebote on total cost if it can demonstrate reduced utilues draw by 50% over a 5 year period The funds are received up front, upon submission of the costs. A report is filed annually over the next 5 years . Total amount spent on upgrades $4.800.000 Case B RBH inc was provided with a $210.000 forgivable loan to help offiset increosed sick pay that was mandated by the government. The loan is intended to provide relief 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 field.) 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 Journal entry worksheet Record the $4,800,000 cost incurred on building upgrades under the net method. Note: Enter debits before credits. Journal entry worksheet Record the 25% rebate on total cost of building upgrades under the net method. Note: Enter debits before credits. Journal entry worksheet Record the depreciation expense on the building upgrades under the net method. Note: Enter debits before credits. 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 Journal entry worksheet Step by Step Solution
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