During 2018 , Tao's Book Store paid $489,000 for land and built a store in Huntington, Virginia. Prior to construction, the city of Huntington charged Tao's $1,300 for a building permit, which Tao's paid. Tao's also paid $15,300 for architect's fees. The construction cost of $745,000 was financed by a long-term note payable, with interest costs of $36,200 paid at the completion of the project. The building was completed June 30,2018 . Tao's depreciates the building using the straight-line method over 35 years, with estimated residual value of $332,300. Read the requirements. Requirements 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 Tao's plant assets on the company's balance sheet at December 31, 2018. 3. What will Tao's income statement for the year ended December 31, 2018, report for these facts