Lance Pharmacy, Inc., opened an office in Maplewood, Minnesota Lance incurred the following costs in acquiring land, making land improvements and constructing and furnishing the new sales building (Click the icon to view the financial data) The company depreciates buildings over 30 years land improvements over 25 years, and furniture over 12 years, all on a straight-line basis with residual values of zero Read the requirements Requirement 1. Identify the proper account (Land Land Improvements, Sales Building Garage Building, or Furniture) for each of the costs listed in the problem Calculate the total cost of each asset Start with items a through i next enter items through q, and lastly calculate the totals for each asset category. (If a box is not used in the table leave the box empty, do not enter a zero. Round percentages to two places when calculating proportions (XXX%), and use your computed percentages throughout Round your final answers to the nearest whole dollar) Land Sales Building Garage Building Item Land S Improvements Furniture a. - Land Sales Building Garage Building item Land Improvements Furniture Lance Pharmacy, Inc., opened an office in Maplewood, Minnesota Lance incurred the following costs in acquiring land, making land improvements, and constructing and furnishing the new sales building E (Click the icon to view the financial data) The company depreciates buildings over 30 years land improvements over 25 years and furniture over 12 years, all on a straight-line basis with residual values of zero Read the requirements Sales Garage Improvements Building Building OP3- Totals Requirement 2. All construction was complete and the assets were placed in service on April 2. Record depreciation for the year ended December 31. Round to the nearest dollar (Record debits first, then credits. Exclude explanations from joumanie Do not round intermediary calculations Only round the amount vous input in the cell to the nearest dollar.) Start by recording the depreciation on the land improvements Journal Entry Lance Pharmacy, Inc., opened an office in Maplewood, Minnesota Lance incurred the following costs in acquiry n y new sales building (Click the icon to view the financial data) The company depreciates buildings over 30 years, land improvements over 25 years, and furniture over 12 years, all on a straight-line basis with residual values of zero. Read the requirements (Record debits first, then credits. Exclude explanations from journal entries Do not round intermediary calculations Only round the amount you input in the cell to the nearest dollar.) Start by recording the depreciation on the land improvements Journal Entry Date Accounts Debit Credit Dec Next record the sales building depreciation expense Journal Entry Accounts Date Debit Credit Dec Now record the garage building depreciation expense Journal Entry Date Accounts Debit Credit How Salus Dully. (Click the icon to view the financial data.) The company depreciates buildings over 30 years, land improvements over 25 years, and furniture over 12 years, all on a straight-line basis with residual values of zero. Read the requirements Dec 31 Now record the garage building depreciation expense. Journal Entry Date Accounts Debit Credit Dec Finish by recording the furniture depreciation expense Journal Entry Date Accounts Debit Credit Dec Requirement 3. Why would a manager need to understand the concepts covered in this problem? de r in the inside and then rentinue to the next question Reduwe Now record the garage building depreciation expense Journal Entry Accounts Debit Credit Date Dec Finish by recording the furniture depreciation expense Journal Entry Accounts Date Debit Credit Dec Requirement 3. Why would a manager need to understand the concepts covered in this problem? This problem shows how to determine the cost of a assetIt also demonstrates the computation of Se for a variety of those assets which affects Because virtually all businesses use these assets a manager needs to understand how those assets' costs and computations are determined Managers need to understand the meaning, components and computation of because often their performance is measured by this amount Choose from any list or enter any number in the input fields and then continue to the next question. Dec 31 Requirement 3. Why would a manager need to understand the concepts covered in this problem? This problem shows how to determine the cost of a Because virtually all businesses use these assets, a meaning, components, and computation of asset. It also demonstrates the computation of for a variety of those assets, which affects to understand how those assets' costs and computations are determined Managers need to understand the current often their performance is measured by this amount. plant Choose from any list or enter any number in the il hen continue to the next question Journal Entry Date Accounts Debit Credit Dec Requirement 3. Why would a manager need to understand the concepts covered in this problem? This problem shows how to determine the cost of a asset. It also demonstrates the computation of Because virtually all businesses use these assets a manager needs to understand how those assets' costs meaning, components and computation of because often their performance is measured by for a variety of those assets, which affects determined. Managers need to understand the depreciation revenue Choose from any list or enter any number in the input fields and then continue to the next question useful life Accounts Debit Credit cash net income revenue irement 3. Why would a manager need to understand the concepts covered in this problem? total liabilities problem shows how to determine the cost of a asset. It also demonstrates the computation of for a variety of those assets, which affects euse virtually all businesses use these assets, a manager needs to understand how those assets' costs and computations are determined Managers need to understand the ining components, and computation of because often their performance is measured by this amount ose from any list or enter any number in the input fields and then continue to the next question Data Table a . Purchase price of land, including an old building that will be used for a garage (land market value is $320.000: building market value is $80.000) b. Grading (leveling) land c. Fence around the land $ 350,000 8.900 31.800 Attorney fee for title search on the land 600 5.200 600 400 e. Delinquent real estate taxes on the land to be paid by Lance Pharmacy Company signs at entrance to the property g. Building permit for the sales building Architect fee for the design of the sales building Masonry, carpentry and roofing of the sales building, Renovation of the garage building Interest cost on construction loan for sales building, 61,720 513,000 42.480 9.600 6.200 52.800 Landscaping (trees and shrubs) m. Parking lot and concrete walks on the property Lights for the parking lot and walkways 000 Salary of construction supervisor (84% to sales building 10%. to land improvements, and 6% to garage building renovations) Office furniture for the sales building 42.000 79.000 Transportation and installation of furniture 1.000 One 2 of 3 (2 complete) vood, Minnesota Lance incurred the following costs in acquiring land, making land im 5, land improvements over 25 years, and furniture over 12 years, all on a straight-line b id, Land Improvements, Sales Building, Garage Building, or Furniture) for each of the co * Requirements 1. Identify the proper account (Land Land ImprovementsSales Building, Garage Building, or Furniture) for each of the costs listed in the problem Calculate the total cost of each asset. 2. All construction was complete and the assets were placed in service on April 2. Record depreciation for the year ended December 31. Round to the nearest dollar 3. Why would a manager need to understand the concepts covered in this problem? Print Done Sales Building Garage Building Furniture 3 in the input fields and then continue to the next