Please help with the following exercise:

Colacci Corporation is a Calgary-based manufacturer of gym equipment. In early January 2018, the company acquired land and a building to be used as the company's new head office. Colacci issued a $2M, five-year non-interest bearing note to the seller. Payment is to be made in five equal instalments of $400,000 at the end of each year. As a result of a depressed real estate market, the fair value of the building cannot be readily determined. However, it has been ascertained that, given Colacci 's credit rating and market conditions, an interest rate of 9% would properly reflect the substance and credit risk of the negotiated payment schedule.

Other information:

oOne third of the total value of the acquisition is attributable to the land.

oThebuildingisexpectedtohaveausefullifeof25years.

oThroughout the year, Colacci incurred maintenance costs of $87,000 and paid them in cash.

oA parking lot was built at a cost of $100,000 cash. The work was completed on July 1 and is

expected to have a useful life of 10 years.

Required

1. what are all journal entries that are required to record the above events and transactions. Round all values to the nearest dollar.