Airport Parking near an airport incurred the following costs to acquire land, make land improvements, and construct and furnish a small building: Click the foon to view the financial data) Airport Parking depreciates and improvements over 20 years, buildings over 50 years, and furniture over 8 years, all on a straight-in batis with zero residual value Read the requirements Requirement 1 Columns for Land, Land Improvements, Building, and Furniture havo boer set up. Show how to account for each cout by fisting the coat under the correct account. Determine the total cost of each asset. Begin by Isting each cost for items a through i, first, followed by items, through a Then determine the total cost of each asset. (If a box is not used in the table, love the box empty, do not enter a zero) Land Improvements Item Land Building Furniture a d - Eco k m O Totals Requirement 2. All construction was complete and the assets were placed in service on September 1Record partial-year depreciation for the year ended December 31. Round to the nearest dollar. (Record a single compound journal entry, Round will depreciation expense amounts to the nearest whole dottar. 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 1 Requirements 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. 2. All construction was complete and the assets were placed in service on September 1. Record partial-year depreciation for the year ended December 31. Round to the nearest dollar. Data table $ 90,000 5,700 8,200 3,600 9,100 600 a. Purchase price of three acres of land b. Delinquent real estate taxes on the land to be paid by Airport Parking c. Additional dirt and earthmoving d. Title insurance on the land acquisition e. Fence around the boundary of the property f. Building permit for the building g. Architect's fee for the design of the building h. Signs near the front of the property i. Materials used to construct the building j. Labor to construct the building k. Interest cost on construction loan for the building 1. Parking lots on the property m. Lights for the parking lots n. Salary of construction supervisor (85% to building; 15% to parking lot and concreto walks) o. Furniture p. Transportation of furniture from seller to the building 4. Additional fencing 20,400 9,700 218,000 170,000 9,400 29,000 11,400 70,000 11,100 2,500 6,300