On January 1, 2017, Flounder Co. leased a building to Culver Inc. The relevant information related to the lease is as follows. 1. The lease arrangement is for 10 years. 2. The leased building cost $4,165.000 and was purchased for cash on January 1, 2017 3. The building is deprecated on a straight line basis. Its estimated economice is 50 years with no salvage value 4. Lease payments are $275,500 per year and are made at the end of the year 5. Property tax expense of $76,900 and insurance expense of $9,000 on the building were incurred by Flounder in the first year. Payment on these two items was made at the end of the year 6. Both the lessor and the lesses are on a calendar year basis. (a) Prepare the journal entries that Flounder Co should make in 2017. (Credit account titles are automatically indented where amount is entered. Do not inden maally. If no entry is required, select " account titles and enter for the amounts.) dy Date Account Titles and Explanation Debit Credit 11/17 Buildings 4165000 Cash 4165000 12/31/17- Cash Lease Receivable (To record receipt of lease payment) Interest Payable 70900 9000 Cash (To record deprecation) Depreciation Expense Accumulated Deprecationing Cash To recordance and property tax) (b) Prepare the Journal entries that Culver Inc. should make in 2017. (Credit accounts are automatically indeed where amount is entered. Do not need to try is required lectory account titles and enter for the amounts.) Date Account Indies and Explanation Debat 12/31/17 Lease Receivable 275500 BT