This is a journal entry question from an intro course

QUESTION 1: PART A) : Magazines Inc. (TMI) is a corporation that publishes various magazines and newspapers. TMI was incorporated on February 1, 2016. During the month of February, the following transaction occurred: 1. TMI sold annual subscriptions (12 months) totalling $12,000,000. All of the subscriptions were paid in full by the customers. 2. TMI received $24,000,000 from its bank in exchange for a note payable. The interest of 10% p.a. on the note is payable once per year (on January 31st each time). 3. TMI bought an industrial printer for $24,000,000 at the beginning of the month. This amount was paid using the company's debit card. The printer has a useful life of 10 years, and the depreciation is calculated using a "straight-line method" (i.e., same amount of depreciation every months for 10 years). 4. TMI purchased and fully paid a one-year insurance policy for $3,600. Record the impacts on the financial statements for the above transactions (using the notion from class). Please round your numbers to the nearest dollar Impacts on Financial Statements Transaction 1 2 3 4