On January 1, 2022, Matthew Cheater Incorporated ABC Oil Company (ABC), incurring $10,000 of legal and government fees to set-up the company. On the same day, ABC purchased a parcel pf land with an old building on it. After a few days, ABC tore down the building and began self-constructing a new one. The new Building was completed on July 31, 2022 and has an economic life of 25 years and an estimated salvage value of 30,000. During the construction period, ABC obtained a construction loan and after the building was completed, the construction loan was converted to a mortgage. During 2022, ABC incurred total interest costs of $18,000 pertaining to the construction loan and the mortgage ($11,000 associated with the mortgage). Additional details regarding the land, old building, and new building are as follows: Cost of land and old building purchase $118,000

Cost of razing the old building. $ 17,000

Proceeds from the sale of miscellaneous part of old building. $ 9,000

Labour and material for construction of new building $ 84,000

Overhead attributable to construction of new building $ 10,000 On November 1, 2022, ABC signed a contract to acquire an oil platform from drilling under the ocean floor. Legal fees paid to sign the contract amounted to $13,000. ABC paid a $2,000,000 down payment at the time of signing the contract and issued $7,000,000 non-interest bearing promissory note due on October 31, 2025. The market rate was 10% at the time of issue. ABC successfully applied for and received a $180,000 government grant which was accounted for using the cost reduction method. The oil platform is expected to have economic life of 10 years (no salvage value) and there is an asset retirement obligation estimated to be 500,000 at the end of its life. ABC chooses to amortize using a straight-line method and fractional amortization is based on months. ABC is a public company. Required: 1. Calculate the amounts that are shown in each of the property, plant and equipment accounts on the balance sheet on August 1, 2022. 2. If you did not use any of the information, explain why. 3. Prepare journal entry (ies) on November 1, 2022 for the purchase of the platform. 4. Prepare all required journal entries on December 31, 2022. Please solve step by step, in order, don't use chat GPT, it doesn't work, I already tried, be clear please, thank soy much