a.	Purchase price of three acres of land	$86,000
b.	Delinquent real estate taxes on the land to be paid by
	Safe Parking	6,300
c.	Additional dirt and earthmoving	8,400
d.	Title insurance on the land acquisition	3,400
e.	Fence around the boundary of the property	9,600
f.	Building permit for the building	900
g.	Architects fee for the design of the building	20,100
h.	Signs near the front of the property	9,000
i.	Materials used to construct the building	217,000
j.	Labor to construct the building	172,000
k.	Interest cost on construction loan for the building	9,500
l.	Parking lots on the property	29,400
m.	Lights for the parking lots	11,600
n.	Salary of construction supervisor (80% to building; 20%	80,000
	to parking lot and concrete walks)
o.	Furniture	11,700
p.	Transportation of furniture from seller to the building	1,900
q.	Additional fencing	6,900

Requirement 1. Columns for Land, Land Improvements, Building, and Furniture have been set up. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset.

Begin by listing each cost for items a. through i. first, followed by items j. through q. Then determine the total cost of each asset. (If a box is not used in the table, leave the box empty; do not enter a zero.)

				Land
Item			Land	Improvements			Building		Furniture
a.			$86,000
b.			6,300
c.			8,400
d.			3,400
e.					9,600
f.							900
g.							20,100
h.					9,000
i.							217,000

j.							172,000
k.							9,500
l.					29,400
m.					11,600
n.					16,000		64,000
o.									11,700
p.									1,900
q.					6,900

Totals

$104,100

$82,500

$483,500

$13,600

Requirement 2. All construction was complete and the assets were placed in service on

September

1. Record partial-year depreciation for the year ended

DecemberDecember

31. Round to the nearest dollar. (Record a single compound journal entry. Round all depreciation expense amounts to the nearest whole dollar. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Date			Accounts and Explanation	Debit	Credit
Dec. 31