Requirement 1, and 2

Park and Fly, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building FE Click the icon to view the financial data) Park and Fly depreciates and improvements over 25 years, buildings over 30 years, and furniture over 10 years, all on a straight-line basis with or residual value Read the requirements Requirement 1. Columns for Land, Land Improvements. Building, and Fumure 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. Begin by listing each cost for terms a through i. first, followed by items through . Then determine the total cost of each asset. (if a box is not used in the table, leave the box empty, do not enter a zero) Land Improvements Item Land Building Furniture Totals Requirement 2. Al construction was complete and the were placed in service on September 1. Record partial-year depreciation for the year ended December 31. Round to the nearest dollar, Fecord a single compound journal entry Round al depreciation expense amount to the nearest whole dolar Record dobits first, the credits. Select the explanation on the last line of the journal entry table] Accounts and Explanation Dec 31 A Data Table 1 Requirements S 81.000 5.700 1. Columns for Land Land improvements. Building, and Furniture have been sel vp Show how to account for each cost by Isting the cost under the correct account Duermine the total cost of cach asset 2. All construction was complete and the assets were placed in service on September 1. Record partial year depreciation for the year ended December 31. Round to the newest dollar a. Purchase price of three res of land Delinquent real estate on the land to be paid by Park and Fly Additional dirt and earthmoving d. The insurance on the land acquisition O. Fence wound the boundary of the property 1 Building permit for the building 9. Architect's foo for the design of the building h. Signs near the front of the property abais used to construct the building i Labor to contact the building k interest cost on construction loan for the building | Parking lots on the property m. Lights for the parking lots n, Sary of construction supervisor (75% to building: 25% to parking lotind concrete walks Fumbre Transportation of furniture from s er to the building 3.300 3.200 9,700 1.100 20,300 9.400 216.000 165 000 9,000 L 10,800 70.000 11.100 2.200 Print