Melon Company (MC) had been renting its office building for several years. On January 1, 2016, it decided to have a new office building constructed. On that date, it acquired land with an abandoned warehouse on it for $600,000. Other costs included the following. (Click the icon to view the data.) - X Required Data how a decrease in the cost of an buisition he of the Demolition of warehouse $ 30,000 1,300 524,000 2,000 a. Indicate what balance MC should record in the following accounts for the acquisition: (i) land account, (ii) building account. b. Assume that the building was completed on December 31, 2016, and was occupied on that date. It has an estimated useful life of 40 years, with residual value of $80,000. Calculate depreciation for 2017 using (i) the straight-line method and (ii) the double declining balance method. c. Assume that management decided to use straight-line depreciation for the building. By 2020, MC had grown considerably and needed to relocate for more space; it sold the land and building to Hummingbird Company on July 1, 2020, for $1,350,000. Assume depreciation expense has already been recorded for the first six months of the year (Jan. 1, 2020, to June 30, 2020). Prepare all journal entries required relating to the land and building accounts on July 1, 2020 Legal fees for purchase of land Construction costs of new building Proceeds from salvage of warehouse materials Installation of wiring and plumbing fixtures Title guarantee insurance for fiscal year 2016 Architectural fees 14,000 2,100 22,000 Print Done Kt ques