Perfect Parking near an airport incurred the following costs to acquire land make land improvements, and construct and furnish a smal building Click the icon to view the financial data) Perfect Parking depreciates and improvements over 25 years, buildings over 30 years, and future over 12 years, all on a straight line basis with 2010 residual value Read the recentes Requirement 1. Columns for Land, Land improvements. Building and Furnituto 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 Isting each cost for tems a through first, followed by homs through Thon determine the total cost of each asset (if a box is not used in the Lable. leave the box emply do not enter a 2010) Land Improvements Building Item Land Furniture a C 9 h m n 0 P 9 Total Requirement 2 All construction was complete and the assets were placed in service on October 1. Recer partial year depreciation for the year anded December 31 Round to the nearest dollar (Record a single compound journal entry Round all depreciation expense amounts to the nearest whole dollar. Record debita fint then credits Select the explanation on the last line of the journey table) Date Accounts and Explanation Debit Credit Dec 31 - Data table $ 84,000 6.100 8.000 3.400 9 300 700 a. Purchase price of three acres of land b. Delinquent real estate taxes on the land to be paid by Perfect Parking c. Additional dirt and earthmoving d. Title insurance on the land acquisition e. Fence around the boundary of the property 1. Building permit for the building g. Architect's fee for the design of the building h. Signs near the front of the property Materials used to construct the building | Labor to construct the building k. Interest cost on construction loan for the building . Parking lots on the property m. Lights for the parking lots n. Salary of construction supervisor (85% to building: 15% to parking lot and concrete walks) 20 700 9,700 217 000 174.000 9,200 28.900 11.800 60.000 o Furniture P. Transportation of furniture from seller to the building 4. Additional fencing 11.700 2600 6.800 Print Done Requirements construl arest de the XD In for the ye Whole dollar 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 October 1 Record partial year depreciation for the year ended December 31 Round to the nearest dollar Print Done