MAKE SURE TO COMPLETE ALL REQUIREMENTS

P9-30A (similar to) Question Help Park and Fly, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building: |(Click the icon to view the financial data.) Park and Fly depreciates land improvements over 25 years, buildings over 40 years, and furniture over 8 years, all on a straight-line basis with zero residual value. Read the requirements Requirement 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. Begin by listing each cost for items a. through i. first, followed by items j. through q. Then determine the total cost of each asset. (f a box is not used in the table, leave the box empty; do not enter a zero.) Land Improvements Building Item Land Furniture a. b. C. d. e. f. g. h. a .X 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. All construction was complete and the assets were placed in service on July 1. Record partial-year depreciation for the year ended December 31. Round to the nearest dollar. Print Done $ 87,000 Purchase price of three acres of land a. Delinquent real estate taxes on the land to be paid by Park and Fly 5,600 c. Additional dirt and earthmoving 8,800 d. Title insurance on the land acquisition 3,500 Fence around the boundary of the property 9,400 e. Building permit for the building 900 Architect's fee for the design of the building 20,400 g. h. Signs near the front of the property 9,300 terials used to construct the building 219,000 iLabor to construct the building 175,000 k Interest cost on construction loan for the building 9,900 Parking lots on the property 29,100 Lights for the parking lots 10,500 m. Salary of construction supervisor (85% to building; 15 % 50,000 n. to parking lot and concrete walks) 0. Furniture 11,100 Transportation of furniture from seller to the building 2,000 p. q Additional fencing 6,400