During 2018, Cheng's Book Store paid $482,000 for land and built a store in Lockport, New York. Prior to construction, the city of Lockport charged Cheng's $1.200 for a building permit, which Cheng's paid. Cheng's also paid $15,200 for architect's fees. The construction cost of $879,900 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, 2018. Cheng's depreciates the building using the straight-line method over 35 years, with estimated residual value of $335.000 Read the requirements Requirement 1. Journalize transactions for the following (explanations are not required): a. Purchase of the land, b. All the costs chargeable to the bullding in a single entry, and c. Depreciation on the building for 2018. (Record debits first, then credits. Exclude explanations from any joumal entries.) a. Journalize the purchase of the land. Journal Entry Date Accounts Debit Credit b. Journalize all the costs chargeable to the building in a single entry. Journal Entry Accounts Date Debit Credit C. Journalize depreciation on the building for 2018. Journal Entry Accounts Date Debit Credit During 2018, Cheng's Book Store paid $482,000 for land and built a store in Lockport, New York. Prior to construction, th charged Cheng's $1,200 for a building permit, which Cheng's paid. Cheng's also paid $15,200 for architect's fees. The co $679,900 was financed by a long-term note payable, with interest costs of $28,180 paid at the completion of the project. T completed June 30, 2018. Cheng's depreciates the building using the straight-line method over 35 years, with estimated re $335,000 Read the requirements. Requirement 2. Report Cheng's plant assets on the company's balance sheet at December 31, 2018. Balance Sheet Plant assets: Loss Requirement 3. What will Cheng's income statement for the year ended December 31, 2018, report for these facts? Income Statement Choose from any list or enter ammu