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Please help me answer this question this is my second attempt. When the question says 2018 its really 2021. Juring 2021, Chiris Book Store paid

Please help me answer this question this is my second attempt. When the question says 2018 its really 2021. image text in transcribed
image text in transcribed
image text in transcribed
Juring 2021, Chiris Book Store paid $488,000 for land and bult a store in Franklin, Tennessee. Prior to construction, the cly of Franklin charged Chin's $1,200 for a building permit vhich Chin's paid. Chin's also pald $15,200 for architecis fees. The construction cost of $679,900 was financed by a long-lerm note payable, with interest costs of $28,180 paid at the completien of the project. The building was completed June 30, 2021. Chin's depreciates the bulding using the straight-line method over 35 years, with estimated residual value of 1335,000. Requirements 1. Joumalce transactions for the following (oxplanations are not roquired): a. Purchase of the land b. All the costs chargeable to the buiding in a single entry c. Depreclation on the building for 2021 b. Journalize 2. Report Chin's plant assets on the company's balance sheet at December 31, 2021. 3. What will Chin's income statement for the year ended December 31, 2021, report for these facts? b. Journalize all the costs chargeable to the building in a single entry. c. Journalize depreciation on the building for 20.18. 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

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