I will give like if it's correct

ACCT&202 Project The accountant has made the following calculations and journal entries to record the following transactions. There are numerous errors. You will need to find the calculation and/or journal entries that are incorrect, write the correct answer, showing your work and/or correct journal entry and explain how the accountant's errors would affect the financial statements. For example, if the story stated that revenue was $57,500, but the accountant recorded the revenue as $75,500, you will need to write the correct journal entry, then explain that the error would overstate the revenue on the Income Statement and cause Net Income to be too high. The wrong Net Income would be included on the Statement od Stockholders' Equity resulting in Retained Earnings being too high. Retained earnings is included on the Balance Sheet and therefore, overstate Equity and assets. Journal paper and a space to write the effects of the accountant's errors has been provided below. Journal paper does NOT indicate that the journal entry is correct or incorrect or how many accounts are involved. The accountant for SpaceX received the following information and made the journal entry. On Sept. 1, 2020, SpaceX purchased land, a building, and equipment for one price of $2,860,000. The estimated fair values of the land, building, and equipment are $778,800, $1,486,800, and $1,274,400, respectively. SpaceX issued a $2,860,000, 5%, six-year note to make this purchase. The monthly payment is $51,639, which includes principal and interest payments. The building is depreciated using straight-line and has a salvage value of $4,800. The equipment is depreciated using double-decline and has a salvage value of $9,600. Both have a useful life of 10 years. 1. Credit Date Account 9/1 Land Building Equipment Gain on Purchase Cash Debit 778,800 1,486,800 1,274,400 680,000 2,860,000 Date Account Debit Credit 2. Credit Date Account 9/1 Cash Loan Payable Debit 2,860,000 2,860,000 9/30 51,639 Loan Payable Cash 51,639 Date Account Debit Credit 3. Depreciation Building ($1,486,800 4,800)/120 months = $12,350 Equipment = ($1,274,400 9,600)/120 = $10,540 x 2 = $21,080 Land = ($ 778,800 - 0)/120 = 6,49 = - Credit Debit 12,350 12,350 Date Account 9/30 Depreciation Expense-Building Accumulated Depreciation-Building Depreciation Expense-Land Accumulated Depreciation-Land Depreciation Expense-Equipment Accumulated Depreciation-Equipment 6,490 6,490 21,080 21,080 Date Account Debit Credit 4. Also on Sept. 1, 2020, SpaceX sold an old piece of machinery for $6,795. The original price of the machinery was $30,000, accumulated depreciation is up-to-date and totals $22,500. Credit Date Account 9/1 Cash Accumulated Depreciation Gain Machinery Debit 30,000 22,500 6,795 30,000 Date Account Debit Credit 5. Finally, SpaceX issued a $2,000,000 of 6% bonds, due in ten years, with interest payable semi- annually on Sept. 30 and March 31 each year. The market interest rate is 5% the bonds will issue at $2,155,892 Credit Date Account 9/1 Cash Bond Payable Debit 2,155,892 2,155,892 9/30 Interest Expense Cash 53,897.30 53,897.30 *2,155,892 x.05 x 12 = 53,897.30 - Date Account Debit Credit