The accounting cycle for Paris Project Limited is from January 1 to December 31. At the start of July, the company signed an agreement to purchase a new warehouse for $15,000,000. The company paid 50% in cash and the remainder by taking out a 5-year loan. Annual interest expense on the loan is $1,500,000. Interest will be paid in cash on June 30 each year of the loan period. Annual depreciation on the new warehouse is $1,600,000. At the end of the accounting cycle the CFO of Paris Project Limited estimated that the new warehouse would have increased electricity and water usage from last year by 20%. Utility expenses (that comprised electricity and water) totaled $2,000,000 for the last full year. Required: At the end of the accounting cycle Paris Project Limited would have made adjustment entries to 'Interest Payable 'Depreciation Expense, and 'Utility Expenses' of the following amounts? Select one: O a. Credit. Depreciation Expense - $800,000; Debit. Interest Payable - $750,000; Credit. Utility Expense - $2,400,000 O b. Credit. Depreciation Expense - $1,500,000; Debit. Interest Payable - $1,600,000; Credit. Utility Expense - $2,400,000 O c. Debit. Depreciation Expense - $800,000; Credit. Interest Payable - $750,000; Debit. Utility Expense - $2,400,000 d. Debit. Depreciation Expense - $1,500,000; Credit. Interest Payable - $1,600,000; Debit. Utility Expense - $2,400,000