Tamago Inc. is a Japanese firm located in Chiba. Yamada-san, CPA, is the head of the firm's accounting division. The firm implements the accounting calendar from January 1 to December 31. As of December 31, 2016, Exhibit 1 contains information regarding the firm's plant assets. Exhibit 1 Land $ 4,000,000 Debit Building $ 28,500,000 Debit Accumulated Depreciation - Building Equipment $ 12,100,000 Credit $ 48,000,000 Debit Accumulated Depreciation - Equipment $ 5,000,000 Credit Exhibit 2 documents the firm's transactions that occurred during 2017. Exhibit 2 April 1 May 1 Purchased land for $2,130,000. Sold equipment that cost $750,000 when purchased on January 1, 2014. The equipment was sold for $450,000. June 1 $ 400,000. Nov 1 Sold land purchased on June 1, 2014, for JPY 1,000,000. The land cost Issued a $ 2,600,000 note N2017 and paid $800,000 cash to purchase an Equipment. This note bears interest of 7% and matures in 24 months. Dec 1 Fully paid the N2017 note (including interest) by issuing 25,000 common shares (par value #100). Yamada-san reports the firm's accounting policy in Exhibit 3 Exhibit 3 The firm uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. a) Journalize the firm's 2017 transactions! (8 points) b) Explain the major impact of the 2017 November and December transactions to the firm's ratio analysis! (2 points)