QUESTION 1 Scott Industries had the following transactions during 2022: 20-Jan 1. Acquired an office building on three acres of land for a lump-sum price of $2,000,000. According to independent appraisals, the fair values were $1,325,000 and $790,000 for the building and land, respectively. A cash down payment of $500,000 was made with the remainder financed. 3-Feb 2. Purchased equipment paying $19,000 at the date of purchase and signing a noninterest-bearing note requiring the balance to be paid in five annual installments of $19,000 on the anniversary date of the contract. Based on Cool Globe's 8% borrowing rate for such transactions, the implicit interest cost is $19,139. 15-Mar 3. Received a gift of land and building in Twin Pines Park as an inducement to relocate. The land and buildings have fair values of $39,000 and $395,000. Required: 22 points Pepare the journal entries for the transactions above. Round journal entry amounts to the nearest whole dollar. Date Accounts Debit Question 1 Question 2 Question 3 Question 4 Question 5 Credit