Requirement 2. All construction was complete and the assets were placed in service on June 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.)

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 depreciates land improvements over 25 years, buildings over 30 years, and furniture over 8 years, all on a straight-line basis with zero residual value. Read the Data table dollar. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)