Airport Parking, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building: Click the icon to view the financial data.) Airport Parking depreciates land improvements over 25 years, buildings over 50 years, and furniture over 12 years, all on a straight-line basis with zero residual value. Requirements 1. 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 July 1. Record partial-year depreciation for the year ended December 31 . Requirement 1. 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. (Leave any unused cells blank.) a. Purchase price of three acres of land $84,000 b. Delinquent real estate taxes on the land to be paid by Airport Parking 6,200 C. Additional dirt and earthmoving 8,200 d. Title insurance on the land acquisition 3,400 e. Fence around the boundary of the property 9,900 f. Building permit for the building 900 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 I. Parking lots on the property m. Lights for the parking lots 11,800 n. Salary of construction supervisor ( 85% to building; 15% to parking lot and concrete walks) 60,000 o. Furniture 11,200 p. Transportation of furniture from seller to the building 2,000 q. Additional fencing 6,900