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 20 years, buldings over 40 years, and farnibure over 10 years, all on a straight-line basis with zero residual value. Requirements 1. Show hew to acoount for each cost by isting the cost under the correct account. Delermine the fotal cost of each asset. 2. Al construction was complete and the assets were placed in service on October 1. Record parilal-year depreciation for the year onded December 31. Requirement 1. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset. Bogin by listing each cost for items a. through i. first, followed by inems). through q. Then dotermine the total cost of each asset. (Leave any unused cells blank.) a. Purchase price of three acres of land $88,000 b. Delinquent real estate taxes on the land to be paid by Park and Fly 6,000 c. Additional dirt and earthmoving 8,300 d. Title insurance on the land acquisition 3,500 e. Fence around the boundary of the property 9,900 f. Building permit for the building 1,100 g. Architect's fee for the design of the building 21,000 h. Signs near the front of trie property 9,500 i. Materials used to construct the building 219,000 j. Labor to construct the building 170,000 k. Interest cost on construction loan for the building 9,600 1. Parking lots on the property 29,000 m. Lights for the parking lots 11,500 n. Salary of construction supervisor ( 85% to building: 15% to parking lot and concrete walks) 80,000 o. Furniture 11,800 p. Transportation of fumiture from seller to the building 2,400 q. Additional fencing 6,400