Requirement 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.

Begin by listing each cost for items a. through i. first, followed by items j. through q. 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.)

Requirement 2. All construction was complete and the assets were placed in service on October 1. Record partial-year depreciation for the year ended December 31. Round to the nearest dollar. (Record a single compound journal entry. Round all depreciation expense amounts to the nearest whole dollar. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Drive 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) Drive and Fly depreciates land improvements over 25 years, buildings over 30 years, and furniture over 10 years, all on a straight-line basis with zero residual value. Read the requirements Data Table X i Requirements - - $ 87,000 6,200 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 May 1. Record partial-year depreciation for the year ended December 31. Round to the nearest dollar 8,900 3,500 9,500 600 Print Done 20,400 a. Purchase price of three acres of land b. Delinquent real estate taxes on the land to be paid by Drive 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 1. 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 Salary of construction supervisor (75% to building; 25% to parking lot and n. concrete walks) o. Furniture p. Transportation of furniture from seller to the building q. Additional fencing 9,100 214,000 166,000 9,000 28,700 11,800 70,000 11.900 1,800 6,800