On January 1, 2021 Acme, Inc. signs an agreement to lease land from Farmer Douglas for 50 years. Acme will build a building on the land but is required at the end of the lease to tear down the building and restore the land for Farmer Douglas. The cost of the building will be $10 million and the cost to destroy the building and restore the land is estimated to be $1 million in today's dollars. Acme will use 4% as an estimated inflation rate, this is based on the rate for AAA-rated corporate bonds lasting 50 years. Let's assume that Acme is able to build the building in one day on January 1, 2021 and pay cash. 1) Make the January 1, 2021 journal entry for building the building and recording the liability for the future obligation. 2) Make the journal entry (or entries) for December 31, 2021 to record depreciation expense on the building and any other needed entry. If no other entries are needed, you must state this (show all calculations!) 3) Make the journal entry (or entries) for December 31, 2022 to record depreciation expense on the building and any other needed entry. If no other entries are needed, you must state this (show all calculations!) 4) Calculate the amount that will be in the Obligation (liability) account at the end of the 50th year on December 31, 2070. 5) Let's assume that Acme is able to tear down the building in one day on December 31, 2070 and the actual cost at that time is $7,300,000 which Acme pays in cash. Make the journal entry for December 31, 2070, if no entry is needed, you must state this.