During 2016, Chan's Book Store paid $488,000 for land and built a store in Detroit. Prior to construction, the city of Detroit charged Chan's $1,000 for a building permit, which Chan's paid. Chan'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 cost of 28,020 paid at completion of the project. The building was completed June 30, 2016. Chan's depreciates the building by the straight-line method over 35 years, with estimated residual value of $330,000. Read the requirements Requirement 1. Journalize transactions for the following: a. Purchase of the land, b. All the costs chargeable to the building in a single entry, and c. Depreciation on the building for 2016. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Journalize the purchase of the land. Journal Entry Accounts Debit Credit Date