Perfect Parking near an airport incurred the following costs to acquire land, make land improvements, and construct and furnish a small building:

1. Purchase price of three acres of land $80000
2. Delinquent real estate taxes on the land to be paid by Perfect Parking $5800
3. Additional dirt and earthmoving $8900
4. Title insurance on the land acquisition $3200
5. Fence around the boundary of the property $9900
6. Building permit for the building $400
7. Architect fee for the design of the building $20300
8. Signs near the front of the property $9500
9. Materials used to construct the building $213000
10. Labor to construct the building $168000
11. Interest cost on construction loan for the building $9600
12. Parking lots on the property $29300
13. Lights for the parking lots $11900
14. Salary of construction supervisor (80 % to building; 20% to parking lot and concrete walks) $40000
15. Furniture $11400
16. Transportation of furniture from seller to the building $2500
17. Additional fencing $6900

Perfect parking depreciate land improvements over 25 years, building over 50 years, and furniture over 10 years, all on straight line basis with zero residual value.

Requirements:

1. 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 August 1. Record partial year depreciation for the year ended December31. Requirement1:Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset.Begins by listing each cost for items a. through i. first, followed by items j. through q. then determine the total cost of each asset. (leave any unused cells blank.)