On October 1, 20X1, Xi Corporation acquired a building for $600,000 cash. The building 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, Xi Corporation made the following transactions during 20X1:

• November 15: Paid $20,000 for building renovations.

Required:

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