E7-24A (similar to During 2016, Ming's Book Store paid $484,000 for land and built a store in Rochester. Prior to construction, the city of Rochester charged Ming's $1,700 for a building permit, which Ming's paid. Ming's also paid $15,700 for architect's fees. The construction cost of $705,000 was financed by a long-term note payable, with interest cost of $30,040 paid at completion of the project. The building was completed June 30, 2016. Ming's depreciates the building by the straight-line method over 35 years, with estimated residual value of $340,000. Read the the building for 2016. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries) a. Journalize the purchase of the land Journal Entry Credit Date