Hulteen Hardware purchased a new building on January 1, 2016, for $ 1.5 million. The company expected the building to last 25 years and expected to be able to sell it then for $150,000. During 2021, the building was painted at a cost of $5,000. Almost IO years after the building was acquired, the roof was destroyed by a storm. The company had a new roof constructed at a cost of $200,000. The new roof was completed on January 1, 2026, and it extended the estimated life of the building by 5 years, to a total of 30 years. All other estimates are still accurate. Hulteen Hardware uses the straight-line method to depreciate the cost of all fixed assets.

INSTRUCTIONS:
a. Prepare the entry to record the purchase of the building, assuming that the company paid cash.
b. Prepare the entry to record the purchase of the new roof on January 1, 2026.
c. Prepare the entry to record depreciation expense for the year ended December 31, 2026.
d. Prepare the journal entry that would be recorded if the building was sold for $1.2 million on December 31, 2031.