HW 7 # 3

During 2021, Chan's Book Store paid $485,000 for land and built a store in Balimore, Maryland, Prior to construction, the cily of Baltimore charged Chan's $1,800 for a bullding permit, which Chan's paid. Chan's also paid $15,800 for architect's feos. The construction cost of $710,000 was financed by a long-term note payable, with interest costs of $30,180 paid at the completion of the project. The bulding was completed June 30,2021 . Chan's depreciates the bulding using the straight-line method over 35 years, with estimated residual value of $341,000. Read the requirempnts. Requirement 1. Journalize transactions for the following (explanations are not required): a. Purchase of the land, b. Al the costs chargeable to the bulding in a single entry. and c. Deprecietion on the bulding for 2021. (Record debits first, then credis. Exclude explanations from any journal entries.) a. Journalize the purchase of the land. lequirement 1. Journalize transactions for the following (explanations are not required): a. Purchase of the land, b. All the costs ndic Denreciation on the buildina for 2021 (Record dehite first thon crodits Exclude exolanations from anv iourenal entries I 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 2021 2. Report Chan's plant assets on the company's balance sheet at December 31, 2021. 3. What will Chan's income statement for the year ended December 31,2021 , report for these facts? iequirement 1. Journalize transactions for the following (explanations are not required): a. Purchase of the land, b. All the costs chargeab nd c. Depreciation on the building for 2021. (Record debits first, then credits. Exclude explanations from any journal entries.) Journalize the purchase of the land