Rory Limited is planning to enlarge its factory in an economically challenged area of Canada. The federal, provincial, and municipal governments are all keen to assist the firm in making this investment successful, and hopefully generate permanent and significant economic and social benefits for the region. Collaboratively the three levels of government and the company have made the following commitments (Click the icon to view the commitments.) Required Requirement a. Prepare journal entries to record each of the seven items described above for the first year. Assume all estimates and expectations for the first year are correct and the factory is built and operational in the first year. Rory Limited uses the net method to record grants. No depreciation will be accrued in the first year. (Enter all amounts as complete numbers with appropriate number of zeros and without abbreviation. Record debits first, then credits. Explanations are not required. If an entry is not appropriate for one of the items in the first year, select "No entry" in the first line of the account column and leave the rest of the cells blank.) i. The company will build a factory that will cost $125,000,000. Date i. Accounts Debit Credit ii. The city will donate the land for the factory, which has a fair market value of $1,000,000. Upon completing construction the legal title of the land will be transferred to the company. Date ii. Accounts Debit Credit iii. For the next five years, the city will reduce the property and municipal taxes the company has to pay on the new factory by 20%. It is estimated that these taxes would be $1,800,000 per year before the discount. Date Accounts Debit Credit iv. The federal government will provide a forgivable loan to assist in the financing of the factory of $20,000,000. The loan will be forgiven over five years if the company employs at least 380 workers per year in the new factory. Rory Limited uses the net method to record grants. Date iv. Accounts Debit Credit