During 2014, Chun's Book Store paid $490,000 for land and built a store in Franklin. Prior to construction, the city of Franklin charge Chun's $1.700 for a building permit, which Chun's paid. Chun's also paid $15,700 for architect's fees. The construction cost of $705, was financed by a long-term note payable, with interest cost of $30,040 paid at completion of the project. The building was complete June 30, 2014. Chun's depreciates the building by the straight-line method over 35 years, with estimated residual value of $340,000 Journalize all the costs chargeable to the building in a single entry. Journalize depreciation on the building for 2014