During 2018, Chun's Book Store paid $482,000 for land and built a store in Columbus, Ohio. Prior to construction, the city of Columbus charged Chun's $1,800 for a building permit, which Chun's paid. Chun's also paid $15,800 for architect's fees. The construction cost of $710,000 was financed by a long-term note payable, with interest costs of $30,180 paid at the completion of the project. The building was completed June 30, 2018. Chun's depreciates the building using the straight-line method over 35 years, with estimated residual value of $341,000. 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 building in a single entry, and c. Depreciation on the building for 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Journalize the purchase of the land. Journal Entry Accounts i Requirements Date Debit Credit 1. 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 2018 2. Report Chun's plant assets on the company's balance sheet at December 31, 2018. 3. What will Chun's income statement for the year ended December 31, 2018, report for these facts? Print Done Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts 4 remaining Clear All Check