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just need requirement 2. Perfect Parking, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small
just need requirement 2.
Perfect Parking, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building Cick the icon to view the financial data) Perfect Parking depreciates land improvements over 25 years, buildings over 30 years, and furniture over 12 years, all on a straight.Ine basis with zero residual value Read the cogienents Requirement 1. Columns for Land Land improvements. Building, and Fumhure have been set up Show how to account for each cost by listing the cost under the correct account Determine the total cost of each asset Begin by listing each cost for thems a through i. first, followed by toms j through 9. Than determine the total cost of each asset (1f a box is not used in the table, leave the box empty, do not enter a zero) Land Improvements Building Item Furniture b Land 34000 6100 8000 3400 9300 1 700 20700 9 h 9700 217000 174000 9200 28900 11000 9000 11 5100 . 11700 2600 p 6000 9 472600 14300 101500 75500 Totals Requirement 2. All construction was complete and the assets were placed in service on October 1 Record partial year depreciation for the year ended December 31 Round to the nearest dollar, Record a single compound journal entry Round all depreciation exponte amounts to the nearest whole dollar Record debts ir then credits. Select the explanation on the last line of the journal entry table) Accounts and Explanation Debit Credit Dec. 31 Date the total cost of each asset - Xox is not u er Requirements 1. Columns for Land Land improvements, Building, and Furniture have been set up Show how to account for each cost by listing the cost under the correct account Determine the total cost of each asset 2. Al construction was complete and the assets were placed in service on October 1. Record partial year depreciation for the year ended December 31 Round to the nearest dollar Print Done - X Data table $ 34,000 6.100 8,000 3.400 9.300 700 8. Purchase price of three acres of land b. Delinquent real estate taxes on the land to be paid by Perfect Parking c. Additional dirt and earthmoving d. Title insurance on the land acquisition e Fence around the boundary of the property 1. Building permit for the building g. Architect's fee for the design of the building h. Signs near the front of the property Materials used to construct the building | Labor to construct the building k. Interest cost on construction loan for the building 1. Parking lots on the property m. Lights for the parking lots n. Salary of construction supervisor (85% to building: 19% to parking lot and concrete walks) o Furniture p. Transportation of furniture from sellet to the building 9. Additional fencing 20.700 9,700 217.000 174,000 9.200 28,900 11,800 60,000 11,700 2.500 6.800 Print Done Step by Step Solution
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