Divested Industries Ltd$.($DIL$)$ started a residential construction company whose fiscal year end is December $31.$ In recent years, the company has expanded into commercial construction. The company had the following transactions in $2024$:

Jan$\mathrm{.}1/24$ Management purchased a $10-$year$-$old building for $$250,000$ and the land on which it is located for $$280,000.$ DIL paid $$175,000$ cash and signed a $7\%$ note payable for the rest.

Jan. $\frac{2}{24}$ DIL paid $$47,000$ in cash for renovations to the building prior to use.

Aug. $15/24$ DIL paid $$1,500$ cash for ordinary repairs on the building.

Dec$\mathrm{.}31/24$ The company considered the following information in determining year end adjustments.

The building will be depreciated on a straight$-$line basis over an estimated useful life of $30$ years. The estimated residual value of the building is $$40,000.$

DIL purchased another company three years ago at $$150,000$ more than the fair values of the net assets acquired. The goodwill has an unlimited life. Goodwill is not impaired at this time.

At the beginning of the fiscal year, the company owned equipment with a cost of $$650,000$ and accumulated amortization of $$150,000.$ The equipment is being amortized using the double$-$declining balance method, with a useful life of $20$ years and $$1,000$ residual value.

Required $(21$ marks$)$:

a$)$ Prepare the journal entries to record the events that occurred during the year as well as the adjusting journal entries required at year end. Please date all your entries.

b$)$ What is the total amount of depreciation that will be recorded on the $2024$ income statement?

c$)$ What accounts and balances will DIL show on their balance sheet for their long$-$lived assets and intangible assets? Prepare the Non$-$current Asset section of the balance sheet.