During $2021,$ Ming's Book Store paid $$488,000$ for land and built a store in Baltimore, Maryland. Prior to construction, the city of Baltimore charged Ming's $$1,500$ for a building permit, which Ming's paid. Ming's also paid $$15,500$ for architect's fees. The construction cost of $$695,000$ was financed by a long$-$term note payable, with interest costs of $$28,920$ paid at the completion of the project. The building was completed June $30,2021.$ Ming's depreciates the building using the straight$-$line method over $35$ years, with estimated residual value of $$338,000.$

Read the requirements.

Journalize transactions for the following $($explanations are not required$)$:

a$.$ Purchase of the land

b$.$ All the costs chargeable to the building in a single entry

c$.$ Depreciation on the building for $2021$

Report Ming's plant assets on the company's balance sheet at December $31,2021.$

What will Ming's income statement for the year ended December $31,2021,$ report for these facts?