Fact Pattern and InstructionsFact Pattern$1.$ Purchasea. A property was purchased on $1/1/2015$ for $$40,000,000$b$.$ Upon the closing of the purchase the company paid closing costs of $$375,000$c$.$ To Fund the purchase of the asset the company took out a loan for $$30,000,000$ andremaining funds were through equity contributions$2.$ Refinancea. During $2016$ the property was refinanced with the bank resulting in a higher mortgagebalance$3.$ Salea. During $2018$ the property was soldb. The company recorded depreciation on the real estate as follows:i$.2015-$ $$675,000$ii$.2016$ $$675,000$iii. $2017-$ $$675,000$iv$.2018-$ $$400,000$Instructions: Please record the journal entry for the purchase based upon the above fact pattern Please record the journal entry for the sale based on upon the above fact pattern and theprovided closing statement. Please calculate the gain on sale based upon the purchase and sale transactions.