K Question 4, E7-27A (similar to) Part 1 of 5 HW Score: 57.56%, of 25 points Points: 1.44 of 4 Save During 2021, Ming's Book Store paid $486,000 for land and built a store in Lockport, New York. Prior to construction, the city of Lockport charged Ming's $1,300 for a building permit, which Ming's paid. Ming's also paid $15,300 for architect's fees. The construction cost of $745,000 was financed by a long-term note payable, with interest costs of $36,200 paid at the completion of the project. The building was completed June 30, 2021. Ming's depreciates the building using the straight-line method over 35 years, with estimated residual value of $332,300 Read the requirements Requirement 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, and c. Depreciation on the building for 2021. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Journalize the purchase of the land. Date Journal Entry Accounts Debit Credit ework: Chapter 7 ded Homework Question 4, E7-27A (similar to) Part 1 of 5 HW Score: 57.56%, 14.39 of 25 points Points: 1.44 of 4 Save on list During 2021, Ming's Book Store paid $486,000 for land and built a store in Lockport, New York. Prior Kto construction, the city of Lockport charged Ming's $1,300 for a building permit, which Ming's paid Requirements Ming's also paid $15,300 for architect's fees. The construction cost of $745,000 was financed by a long-term note payable, with interest costs of $36,200 paid at the completion of the project. The building was completed June 30 2021 Mina's depreciates the building using the straight line method" - X es es uestion 7 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 Ming's plant assets on the company's balance sheet at December 31, 2021 3. What will Ming's income statement for the year ended December 31, 2021, report for these facts? urchase. he building Print Done p me solve this Etext pages Get more help 79F Mostly cloudy Search Clear all Check answer h. Journalize all the costs chargeable to the building in a single entry Dete Journal Entry Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question c. Journalize depreciation on the building for 2018. Date Journal Entry Accounts Debit Credit Requirement 2. Report Cheng's plant assets on the company's balance sheet at December 31, Balance Sheet Plant assets: Less: Requirement 3. What will Cheng's income statement for the year ended December 31, 2018, rep Income Statement