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5. On January 2, 2018, Bledsoe entered into a 25 year operating lease for the vacant lot adjacent to Bledsoe's North retail store for use as a parking lot. As agreed in the lease, Bledsoe paved and fenced in the lot at a cost of $50,000. The improvements were completed on July 2, 2018, and have an estimated useful life of 10 years. Depreciation on furniture and fixtures was $15,000 for 2018.

Bledsoe Flowers Inc. Trial Balance (Unadjusted) 31-Dec-18 Dr. $38,600 116,200 r. Cash Accounts receivable, 12/31/17 Inventory, 12/31/17 Investments, at cost Furniture and Fixtures Accumulated depreciation, 12/31/17 Accounts payable, 12/31/17 Capital stock, $10 par value Retained earnings, 12/31/2017 Sales Notes payable, due 3/31/20 Purchases Land improvement expense Salaries expense Payroll Taxes Income tax expense Insurance expense Rent expense Utilities expense T ravel and entertainment expense TOTALS 62,000 179,700 198,200 $82,400 17,000 50,000 117,000 877,700 200,000 405,100 50,000 174,000 12,400 45,000 8,700 7,400 34,200 12,600 $1,344,100$1,344,100