Journalize the following transactions:

a. Purchase of the land

b. All the costs chargeable to the building using one single journal entry

c. Depreciation on the building for 2016

Exercise 1 Measure and Depreciate Plant Assets During 2016, Campus Bookstore paid $273,000 for land and built a store in Georgetown. Prior to construction, the city of Georgetown charged Campus Bookstore $1,300 for a building permit, which Campus Bookstore paid. They also paid $15,300 for architect's fees. The construction cost of $745,000 was financed by a long-term note payable, with interest cost of $36,200 paid at completion of the project. The building was completed June 30, 2016. Campus Bookstore depreciates the building by the straight-line method over 35 years, with estimated residual value of $332,300. Journalize the following transactions: a. b. c. 1. Purchase of the land All the costs chargeable to the building using one single journal entry Depreciation on the building for 2016