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Park and Go, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building: (Click the
Park and Go, 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 Go depreciates land improvements over 25 years, buildings over 50 years, and furniture over 10 years, all on a straight-line basis with zero residual value. 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. (If a box is not used in the table, leave the box empty; do not enter a zero.) Data table n. Salary of construction supervisor ( 75% to building; 25% to parking lot and 80,000 concrete walks) o. Furniture 11,100 p. Transportation of furniture from seller to the building 2,600 q. Additional fencing 6,600 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 September 1. Record partial-year depreciation for the year ended December 31. Round to the nearest dollar
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