Exercise 2: During 20X6, Cho Book Store paid $485,000 for land and built a store in Akron. Prior to construction, the city of Akron charged Cho $1,500 for a building permit, which Cho paid. Cho also paid $15,200 for architect's fees. The construction cost of $670,000 was financed by a long-term note payable, with interest cost of $27,300 paid at completion of the project. The building was completed September 30, 20X6. Cho depreciates the building by the straight-line method over 35 years, with estimated residual value of $338,000. Instructions: Journalize transactions for plant assets and depreciation DATE ACCOUNT TITLES AND EXPLANATION a. b. C. DEBIT CREDIT