Protect Purple Plants (PPP) uses the deferral method of accounting for contributions and has no separate fund for restricted contributions. On January 1, Year 6, PPP received its first restricted cash contribution$120,000 for the purchase and maintenance of land and a greenhouse building for its rare purple plant collection.

On July 1, Year 6, PPP acquired land and a building for $22,000 and $80,000 cash, respectively. The building has an estimated useful life of 20 years and zero residual value. On December 31, Year 6, the remaining $18,000 cash was paid to KJ Maintenance Ltd. for a three-year maintenance contract that requires KJ personnel to provide maintenance services four days per month until December 31, Year 9.

Required:

Prepare the journal entries for the following dates: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

(i) January 1, Year 6

(ii) July 1, Year 6

(iii) December 31, Year 6 including year-end adjusting entries

Record receipt of 1st restricted cash contribution.

Record purchase of land and building.

Record expensing of the Land

Record amortization expense on building.

Record expensing of building amortization.

Record maintenance expenses paid in advance.