On January 1, 20X1, Omega Corporation purchased a warehouse for $1,000,000 cash. The warehouse has an estimated useful life of 30 years and no residual value. Using the straight-line method, calculate the depreciation expense for the year 20X1.

Additionally, Omega Corporation made the following transactions during 20X1:

• February 15: Omega Corporation spent $50,000 on warehouse improvements.
• May 1: Omega Corporation purchased warehouse equipment for $100,000 cash.
• October 1: Omega Corporation incurred $20,000 in cleaning and maintenance expenses for the warehouse.

Furthermore, Omega Corporation provided the following information regarding its financial statements for the year 20X1:

• January 1: Warehouse purchase for $1,000,000
• February 15: Warehouse improvements for $50,000
• May 1: Warehouse equipment purchase for $100,000
• October 1: Cleaning and maintenance expenses for $20,000

Required:

• Calculate the total depreciation expense for the year 20X1 for the warehouse.
• Prepare the journal entries to record the warehouse-related transactions for Omega Corporation during the year 20X1.