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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 Cheng's plant assets on the company's balance sheet at December 31, 2018 3. What will Cheng's income statement for the year ended December 31, 2018, report for these facts? During 2018 , Cheng's Book Store paid $486,000 for land and built a store in Akron, Ohio. Prior to construction, the city of Akron charged Cheng's $1,000 for a building permit, which Cheng's paid. Cheng's also paid $15,000 for architect's fees. The construction cost of $670,000 was financed by a long-term note payable, with interest costs of $28,020 paid at the completion of the project. The building was completed June 30, 2018. Cheng's depreciates the building using the straight-line method over 35 years, with estimated residual value of $330,000. 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 During 2018, Cheng's Book Store paid $486,000 for land and built a store in Akron, Ohio. Prior to construction, the city of Akron charged Cheng's $1,000 for a building permit, which Cheng's paid Cheng's also paid $15,000 for architect's fees. The construction cost of $670,000 was financed by a long-term note payable, with interest costs of $28,020 paid at the completion of the project. The building was completed June 30,2018 . Cheng's depreciates the building using the straight-line method over 35 years, with estimated residual value of $330,000. Read the requirements. b. Journalize all the costs chargeable to the building in a single entry. c. Journalize depreciation 'on the building for 2018 Requirement 2. Report Cheng's plant assets on the company's balance sheet at December 31, 2018 Requirement 3. What will Cheng's income statement for the year ended December 31, 2018, report for these facts