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Requirement 2 . All construction was complete and the assets were placed in service on July 1 . Record partial - year depreciation for the
Requirement All construction was complete and the assets were placed in service on July Record partialyear depreciation for
the year ended December 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. Data table
a Purchase price of three acres of land
b Delinquent real estate taxes on the land to be paid by
Perfect Parking
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
I. Parking lots on the property
m Lights for the parking lots Data tablePerfect Parking, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a
small building:
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Perfect Parking depreciates land improvements over years, buildings over years, and furniture over years, all on
a straightline basis with zero residual value.
Requirements
Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset.
All construction was complete and the assets were placed in service on July Record partialyear depreciation for the year
ended December
Requirement 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 through Then determine the total cost of each asset.
Leave any unused cells blank.
Land
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