Required: 1. Provide the journal entry for the restoration costs on 1 January 20X2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your time value answers to 5 decimal places. Enter your answers in whole dollars, not in millions.) 2. Provide all required adjusting journal entries on 31 December 20X2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your time value answers to 5 decimal places. Enter your answers in whole dollars, not in millions.) QUESTION 2 Mapleback Inc. recently completed construction of a new manufacturing facility. Prior to the approval of the building permits, the company operated a parking lot on the land. This parking lot had revenues, net of costs, of $50,000. Total construction costs were as follows: Material $ 300,000 Labour $600,000 Incremental overhead $120,000 General overhead $50,000 Interest costs $100,000 Cost of building permits $20,000 Required: 1. Provide the journal entry for the restoration costs on 1 January 20X2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your time value answers to 5 decimal places. Enter your answers in whole dollars, not in millions.) 2. Provide all required adjusting journal entries on 31 December 20X2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your time value answers to 5 decimal places. Enter your answers in whole dollars, not in millions.) QUESTION 2 Mapleback Inc. recently completed construction of a new manufacturing facility. Prior to the approval of the building permits, the company operated a parking lot on the land. This parking lot had revenues, net of costs, of $50,000. Total construction costs were as follows: Material $ 300,000 Labour $600,000 Incremental overhead $120,000 General overhead $50,000 Interest costs $100,000 Cost of building permits $20,000