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For some reason I am getting this wrong when it seems correct During 2021. Chun's Book Store paid $487,000 for land and built a store
For some reason I am getting this wrong when it seems correct
During 2021. Chun's Book Store paid \$487,000 for land and built a store in Miami, Florida. Prior to construction, the city of Miamic charged Chun's $1,200 ofor a building perniti, which Chun's paid. Chun's also paid $15.200 for architect's fees. The construction cost of $579,900 was financed by a long-kerm note payable; w interest costs of $28.180 paid at the completion of the project. The bullding was completed June 30.2021 . Chun's depreciates the beilding using the straight bhe method over 35 years, with estimated residuat value of $335,000. Reed the reguirements Requirement 2. Report Chun's plant assets on the company's balance sheot at December 31,2021 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 2021 2. Report Chun's plant assets on the company's balance sheet at December 31, 2021. 3. What will Chun's income statement for the year ended December 31, 2021, report for these facts Step by Step Solution
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