On November 1, 20X1, Kappa Corporation acquired a building for $300,000 cash. The building has a useful life of 20 years and a residual value of $30,000. Calculate the depreciation expense for the year 20X1 using the straight-line method.

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

• December 1: Paid $15,000 for building renovations.

Required:

• Calculate the total depreciation expense for the year 20X1.
• Prepare journal entries for the building-related transactions.