Q$4.(17$ points$)$ On January $1$ of this year, JKL Corporation purchased an aircraft at a purchase price of $\backslash (\backslash$$ $100\backslash )$ million dollars. JKL also had the following expenditures related to the aircraft: Agreed to Pay $\backslash (\backslash$$ $16,000\backslash )$ for a pilot to fly the aircraft from the factory to JKLs location. Agreed to pay $\backslash (\backslash$$ $10,000\backslash )$ for a pilot to perform a test flight of the aircraft. Agreed to pay $\backslash$$$50,000$ for an insurance policy covering the aircraft while transporting passengers. JKL paid for the aircraft by issuing to the manufacturer $60$ million shares of its stock which has a par value of $\backslash (\backslash$$ $1\mathrm{.}00\backslash )$ per share and at the time had a market value of $\backslash (\backslash$$ $1\mathrm{.}20\backslash )$ per share. The remainder of the aircraft's purchase piece was paid for $\backslash (1/2\backslash )$ with cash and $\backslash (1/2\backslash )$ with a $3-$year, $\backslash (8\backslash \%\backslash ),$ note payable. The two pilots were paid for with checks from JKL$\text{'}$s bank account for one half their fees and will be paid at a later date for the balance owed to them. The insurance policy is to be paid at a later date. Required $1.$ Show the journal entry which JKL will record in its accounting journal to capitalize the total cost of the aircraft $($do not show any items which are not part of the capitalization amount for the aircraft$).2.$ After owning the aircraft for three years, the balance in the accumulated depreciation account for the aircraft is $\backslash (\backslash$$ $20,000,000\backslash ).$ At that time, the aircraft has fair value of $\backslash (\backslash$$ $60,000,000\backslash )$ and is expected to generate future cash flows of $\backslash (\backslash$$ $85,000,000\backslash ).$ Show the journal entry which JKL will record, if any, related to impairment of the aircraft $($indicate $"$no journal entry will be recorded" if that is the case and explain why no journal entry will be recorded in your on words$).$