During $2021,$ Tao's Book Store paid $$490,000$ for land and built a store in Cleveland, Ohio. Prior to construction, the city of Cleveland charged Tao's $$1,000$ for a building permit, which Tao's paid.

Tao's also paid $$15,000$ for architect's fees. The construction cost of $$670,000$ was financed by a long$-$term note payable, with interest costs of $$28,020$ paid at the completion of the project. The

building was completed June $30,2021.$ Tao's depreciates the building using the straight$-$line method over $35$ years, with estimated residual value of $$330,000.$

Read the requirements.

Rec Question Viewer rnalize 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, and $c.$ Depreciation

on the building for $2021.($Record debits first, then credits. Exclude explanations from any journal entries.$)$

a$.$ Journalize the purchase of the land.

Journal Entry