Prepare journal entries for the following: Annual liability insurance premiums are payable on January 1st of each year. The premium amount paid in January 2017 was $84,000. I. J. On March 1st, the firm purchased Sales Building 4 costing $650,000. Your firm paid forty percent (40%) of the building's cost in cash and issued a 5% 5-year note payable for the balance. The note requires annual interest payments. The expected life of the facility is 20 years, with no salvage value. Your firm uses the straight-line method of depreciation. The book values (October 31, 2017) of other PP&E currently on the books (also with no salvage value) are as follows: Historical Accumulated Depreciation Remaining Life Asset Cost Land Sales Building 1 Sales Building 2 Sales Building 3 Administration Building $ 241,500 406,000 428,500 350,075 141,075 $ 1,567,150 223,300 171,400 87,519 42,323 $524,541 9 12 15 14 Total K. Administrative and Sales employee wages of $201,550 were earned and paid during fiscal 2018. In addition, during November 2017, the firm paid wages owed from the prior year. Unpaid wages for Fiscal 2018, which will be paid in November 2018 amount to $38,225. L. On October 25, 2018, the firm sold Sales Building 2 for $260,000. The firm received payment in cash Prepare journal entries for the following: Annual liability insurance premiums are payable on January 1st of each year. The premium amount paid in January 2017 was $84,000. I. J. On March 1st, the firm purchased Sales Building 4 costing $650,000. Your firm paid forty percent (40%) of the building's cost in cash and issued a 5% 5-year note payable for the balance. The note requires annual interest payments. The expected life of the facility is 20 years, with no salvage value. Your firm uses the straight-line method of depreciation. The book values (October 31, 2017) of other PP&E currently on the books (also with no salvage value) are as follows: Historical Accumulated Depreciation Remaining Life Asset Cost Land Sales Building 1 Sales Building 2 Sales Building 3 Administration Building $ 241,500 406,000 428,500 350,075 141,075 $ 1,567,150 223,300 171,400 87,519 42,323 $524,541 9 12 15 14 Total K. Administrative and Sales employee wages of $201,550 were earned and paid during fiscal 2018. In addition, during November 2017, the firm paid wages owed from the prior year. Unpaid wages for Fiscal 2018, which will be paid in November 2018 amount to $38,225. L. On October 25, 2018, the firm sold Sales Building 2 for $260,000. The firm received payment in cash