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Please help thanks! During 2021, Ming's Book Store paid $485,000 for land and built a store in Georgetown, Washington D.C. Prior to construction, the city
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During 2021, Ming's Book Store paid \$485,000 for land and built a store in Georgetown, Washington D.C. Prior to construction, the city of Georgetown charged Ming's \$1,500 for a building permit, which Ming's paid. Ming's also paid $15,500 for archiect's fees. The construction cost of $695,000 was tinanced by a long-term note payable, with interest costs of $28,920 paid at the completion of the project. The building was completed June 30, 2021. Ming's depreciates the building using the straight-Ine method over 35 years, with estimated residuall value of $338,000. Read the recuirements. Requirement 1. Joumalize transactions for the folowing (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 2021. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Joumalize the purchase of the land Step by Step Solution
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