Question How Park and Fly, mar an airport incurred the following costs to acquire and make and improvements, and Park and Fly depreciates and improvements over 25 years, buildings over 30 yours, and furtar ve construct and furnish a small building years al on a straight-line tass with zero residual Click on to view the firundial data) Read the Requirement 1. Cokumentorland, Land improvements, Bulding, and Furniture have been set up Show how to account for each post by listing the coll under the correct account Deluminio he told cont orich Begin by listing each cont for forma a through first, followed by tomos thuaugh The one total cost of each at a to not und in the achie, bowwe the bes errety, do not enter a wa) Land Land Improvements Building Furniture Item Choose from any list or enter any number in the input fields and then continue to the next question M o ali Type here to search F Park and Fly, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building: E (Click the icon to view the financial data.) y R Land Item Land Improvements Building Furniture a. b. C. d. e. g. h. 1. 1. Choose from any list or enter any number in the input fields and then continue to the next question Type here to search O Park and Fly, 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.) Park and Fly depr years, all on a stra Read the requirem j. k. 1. - Eco p. 9. Totals Requirement 2. All construction was complete and the assets were placed in service on July 1. Record partial-year depreciation for compound journal entry. Round all depreciation expense amounts to the nearest whole dollar. Record debits first, then credits. Select Choose from any list or enter any number in the input fields and then continue to the next question Type here to search i Data Table $ 84,000 6,000 8,000 3,400 9,500 a. Purchase price of three acres of land b. Delinquent real estate taxes on the land to be paid by Park and Fly 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 700 21,000 9,700 212,000 168,000 9.900 28,500 Print Done i Data Table 700 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 (80% to building; 20% to parking lot and concrete walks) o. Furniture p. Transportation of furniture from seller to the building q. Additional fencing 21,000 9,700 212,000 168,000 9.900 28,500 10,100 40,000 ir 11,600 1,900 6.900 Print Done Read the requirements. 2. and Furniture have been set up. Show how to account for each cost by listing the i Requirements 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. 2. All construction was complete and the assets were placed in service on July 1. Record partial-year depreciation for the year ended December 31. Round to the nearest dollar. Print Done s and then continue to the next question Data Table
