Perfect Parking, 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.) Perfect Parking depreciates land improvements over 15 years, buildings over 50 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. (If a box is not used in the table, leave the box empty, do not enter a zero.) Land Item Land Improvements Building Furniture ou o ou os - - E od Totals Requirement 2. All construction was complete and the assets were placed in service on June 1. Record partial-year depreciation for the year ended December 31. Round to the nearest dollar. (Record a single compound journal entry. Round all depreciation expense amounts to the nearest whole dollar. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Debit | Credit Date Accounts and Explanation Dec. 31 $ 81,000 6,200 8,000 3,200 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 f. Building permit for the building g. Architect's fee for the design of the building h. Signs near the front of the property I. Materials used to construct the building j. Labor to construct the building k. Interest cost on construction loan for the building 1 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) 0. Furniture p. Transportation of furniture from seller to the building 9. Additional fencing 9,700 400 20,700 9,100 215,000 175,000 9,400 29,600 11,700 50,000 11,600 2,100 6,200