During 2018, Lee's Book Store paid $487,000 for land and built a store in Huntington, Virginia. Prior to construction, the city of Huntington charged Lee's $1,000 for a building permit, which Lee's paid. Loe'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, 2018. Lee's depreciates the building using the straight-line method over 35 years, with estimated residual value of $330,000. Read the requirements wwwy Cash 44,020 c. Journalize depreciation on the building for 2018 Journal Entry Date Credit Accounts Depreciation Expense Building Accumulated Depreciation Building Debit 5.486 5,486 Requirement 2. Report Lee's plant assets on the company's balance sheet December 31, 2018 Balance Sheet Plant assets: Less