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IUL 9. Omega Company purchased an office building in cash at a cost of $800,000...

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Accounting

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IUL 9. Omega Company purchased an office building in cash at a cost of $800,000 on January 1, 2015. Omega estimated that the building's life would be 20 years and the scrap value at the end of 20 years would be $15,000. On January 1, 2016, the company made several expenditures; walls painted, floors refinished for $20,000, and installed additional pollution-control devices in the building for $45,000. With the new device, the life of the building extended by an additional 6 years. In 2019, the company sold the factory building for $500,000 in cash. Take necessary journal entries for each case (assume the company uses double declining balance method)

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