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please answer fast During 2018, Chan's Book Store paid $273,000 for land and built a store in Baltimore, Maryland Prior to construction, the city of
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During 2018, Chan's Book Store paid \$273,000 for land and built a store in Baltimore, Maryland Prior to construction, the city of Baitimore charged Chan's $1,300 for a building permit, which Chan's paid. Chan's also paid $15,300 for architect's fees. The construction cost of $685,000 was financed by a long-term note payable, with interest costs of $28,220 paid at the completion of the project. The building was completed June 30,2018 . Chan's depreciates the building using the straight-line method over 35 years, with estimated residual value of $336,000 Read the requirements: Requirement 1. Journalize transactions for the following (explanations are not required) a. Purchase of the land, b. All the costs chargeable to the building in a single entry, and c. Depreciation on the building for 2018 . (Record debits first, then credits. Exclude explanations from any journal entries.) a. Journalize the purchase of the land Requirements 1. Journalize transactions for the following (explanations are not required): a. Purchase of the land b. All the costs chargeable to the building in a single entry c. Depreciation on the building for 2018 2. Report Chan's plant assets on the company's balance sheet at December 31, 2018 3. What will Chan's income statement for the year ended December 31, 2018, report for these facts? b. Journalize all the costs chargeable to the building in a single entry. c. Journalize depreciation on the building for 2018 . Requirement 2. Report Chan's plant assets on the company's balance sheet at December 31,2018 Step by Step Solution
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