On July $01,2023,$ Chargers Properties Ltd$.$ purchased a recently built apartment complex for a total acquisition cost of $ $2,400,000,$ paid by cash. The building has an estimated useful life of $30$ years and was constructed with a large efficient boiler that is expected to last for $15$ years. Management believes that the quality of the shingles used on the roof was substandard and estimates that the roof will need to be replaced in $10$ years. The fiscal year$-$end for the company is December $31,2023,$ and management prefers to capitalize the boiler, roof, and the building into components where possible. Depreciation is taken for the portion of the year the assets are used.

Instructions:

Assume the following is the breakdown of the acquisition price: boiler is $7\%$ of the total, roof is $5\%$ of the total and the remaining $88\%$ is allocated to the building.

a$.$ What would be the journal entries to record the acquisition of the apartment complex on July $1$st$,2023$

b$.$ What would be the applicable entries at year$-$end?