COMPLETE ALL REQUIREMENTS

During 2021, Liang's Book Store paid $485,000 for land and built a store in Columbus, Ohio. Prior to construction, the city of Columbus charged Liang's $1,200 for a building permit, which Liang's paid. Liang's also paid $15,200 for architect's fees. The construction cost of $679,900 was financed by a long-term note payable, with interest costs of $28,180 paid at the completion of the project. The building was completed June 30, 2021. Liang's depreciates the building using the straight-line method over 35 years, with estimated residual value of $335,000. Read the requirements. c. Journalize depreciation on the building for 2021 . During 2021, Liang's Book Store paid $485,000 for land and built a store in Columbus, Ohio. Prior to construction, the city of Columbus charged Liang's $1,200 for a building permit, which Liang's paid. Liang's also paid $15,200 for architect's fees. The construction cost of $679,900 was financed by a long-term note payable, with interest costs of $28,180 paid at the completion of the project. The building was completed June 30, 2021. Liang's depreciates the building using the straight-line method over 35 years, with estimated residual value of $335,000. Read the requirements. c. Journalize depreciation on the building for 2021