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After having two incidents of broken exterior wall glass panels in December 2016, Andaz Hotel (Hotel) realized that there should be some problems with the building's exterior wall glass panels, the 2 broken glass panels were properly recorded in December 2016. The hotel has the following transactions in January 2017 : i) On 1 January 2017 , Hotel purchased 4 new exterior wall glass panels for $32,000 on account ( $8,000 each), 2 panels were used to replace the 2 broken ones, 2 panels were stored in warehouse as spare part. ii) On 1 January 2017, Hotel appointed an exterior wall consultant for $20,000 to inspect and report the conditions of the exterior wall glass panels. Hotel paid 50% deposit in cash on the same day and the rest will only be paid upon the completion of the consultant report in late January. iii) On 25 January, 2017, the consultant informed the Hotel due to other urgent projects on hand, the consultant decided to terminate the contract with the Hotel and will refund the 50% deposit later. iv) On 28 January, 2017, after further internal reviews, Hotel decided to upgrade the wall and purchased 50 new Zinc metal panels at $10,000 each on account to replace 50 glass panels facing west, and installed all of them on the same day. v) The 50 glass panels replaced by the new Zinc metal panels were taken down and disposed on 29 January 2017. All 50 glass panels were fully depreciated with no book value (original book value at $7,000 each). vi) On 31 January 2017 , the Hotel sold the 2 spare glass panels stored in warehouse to another company for $5,000 and received cash on the same day. The spare glass panels have a book value of $16,000. Required: Prepare journal entries for the above transactions i) to vi). (2 points each). Write down your answers on the answer sheet

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