On September 1, 20X1, Iota Corporation purchased a building for $800,000 cash. The building has an estimated useful life of 40 years and no residual value. Using the straight-line method, calculate the depreciation expense for the year 20X1.

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

• October 15: Paid $30,000 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 Iota Corporation during the year 20X1.