On January 1^st, the company purchases an apartment building (paid in cash) as an investment that it will lease to an unrelated third parties.The building costs $7,000,000 and has a 25 year estimated life with a $2,000,000 estimated salvage value.Jupiter immediately finds 3 tenants who each pay $10,000 refundable security deposits (refundable at the end of the lease terms in 2021 and beyone if there are no damages to the property).The least terms and conditions are as follows: (assume lease terms begin January 1, 2020)

oTenant 1 - Pays $60,000 (entire rent in advance) for a two year lease term

oTenant 2Pays 2,000 on the 1^st of each month for a one year lease term. All payments have been collected as of 12/31/20. (Since we are only producing year end statements record all the cash received during the year in January and then adjust the unearned revenue account as an AJE at year end)

oTenant 3 - Signs a lease for 2 years ($48,000 total) and pays $12,000 in advance cash and issues a promissory note for the balance of $36,000 plus interest (with 5% simple interest, not compounding) to be paid January 1, 2021.

I need help preparing journal entries and adjusting everyhthing into the balance sheet and income statement.