Question 1 (10 points) Lorette Co. had the following transactions for the year ending October 31, 2019: a. Paid $10,000 to improve security in its office building. The upgrade was required by the province b. Paid $60,000 to replace the electrical system in its office building and reduce electricity use. The old system had an original cost of $30,000 and was 70% depreciated at the time of the replacement c Purchased 15 computers for its office by signing a $38,000, 5-year non-interest-bearing note with the PowerHouse. The market rate for interest on this type of transaction was 4%. Lorette Co, uses the net method to record notes. d. Issued 10,000 common shares in exchange for an old building on a parcel of land. The land and old building were appraised at $1,000 000. Lorette Co. intends to demolish the old building. The shares are closely held by the Lorette family, but it has been recently reported 1,000 shares sold for $25,000 e. Paid $50,000 to demolish the old building acquired in d) Lorette Co intends to construct a larger building to replace it Required: Using the general ledger template provided prepare the journal entries to record each of the above transactions. Use the letter as the date and show and label your calculations. (10 marks)