During 2018, Ming's Book Store paid $483,000 for land and built a store in Detroit, Michigan. Prior to construction, the city of Detroit charged Ming's $1,500 for a building permit, which Ming's paid. Ming's also paid $15,500 for architect's fees. The construction cost of $695,000 was financed by a long-term note payable, with interest costs of $28,920 paid at the completion of the project. The building was completed June 30, 2018. Ming's depreciates the building using the straight-line method over 35 years, with estimated residual value of $338,000. Requirement 1. Jourmeliza transactions for the following exploration Journalize the purchase of the land Journal Entry Account: Cred b. Joumalize all the costs chargeable to the building in a single entry. Journal Entry Date Accounts Debit Credit c. Journalize depreciation on the building for 2018. Journal Entry Accounts Debit Date Credil Requirement 2. Report Ming's plant assets on the company's balance Balance Sheet Plant assets: Less Requirement 3. What will Ming's income statement for the year ended Income Statement