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: a. Credit. Depreciation Expense - $800,000; Debit. Interest Payable - $750,000; Credit. Utility Expenso - $2,400,000 b. Credit. Depreciation Expense - $1,500,000; Debit. Interest Payable - $1,600,000 Credit Utility Expense $2,400,000 c. Debit. Depreciation Expense - $1,500,000; Credit. Interest Payable - $1,600,000; Debit. Utility Expense - $2,400,000 d. Debit. Depreciation Expense - $800,000; Credit. Interest Payable - $750,000, Debit. Utility Expense - $2,400,000