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  3. assume your companys year ends on december 31. you

Assume your companys year ends on December 31. Your company has obtained the following fixed...

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Accounting

Assume your companys year ends on December 31. Your company has obtained the following fixed assets:
Building
On January 1,2022, you borrowed $3,000,000 to construct a new building on your property and issued a 5-year, 9% note at the bank. This note requires payment of interest each year on December 31 with all of the principal due at the end of 2026.
On March 1,2022, you spent $600,000 for construction.
On October 1,2022, you spent $2,000,000 for construction.
On December 31,2022, you spent $200,000 to finish construction and you moved into the new building.
On December 31,2022, you paid interest on the bank loan in number 1 above and recorded any depreciation on the building, assuming a 25-year expected life, $600,000 salvage value, and straight line method of depreciation.
On December 31,2023, you paid interest on the bank loan in number 1 above and recorded any depreciation on the building,
Questions (please show and label your work)
Prepare journal entries for the above events (to the nearest dollar)

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