:s Question Help During 2018, Cheng's Book Store paid $487,000 for land and built a store in Franklin, Tennessee. Prior to construction, the city of Franklin charged Cheng's $1,100 for a building permit, which Cheng's paid. Cheng's also paid $15,100 for architect's fees. The construction cost of $675,000 was financed by a long-term note payable, with interest costs of $28,080 paid at the completion of the project. The building was completed June 30, 2018. Cheng's depreciates the building using the straight-line method over 35 years, with estimated residual value of $334,000. Read the requirements Requirement 1. Journalize transactions for the following (explanations are not required): a. Purchase of the land, b. All the costs chargeable to the building in a single entry, and c. Depreciation on the building for 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Journalize the purchase of the land. Journal Entry Date Accounts Debit Credit Accumulated DepreciationBuilding b. Journalize all the costs chargeable to the building in a single entry. Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. ? c. Journalize depreciation on the building for 2018. Journal Entry Date Accounts Debit Credit Requirement 2. Report Cheng's plant assets on the company's balance sheet at December 31, 2018 Balance Sheet Plant assets: Less: Requirement 3. What will Cheng's income statement for the year ended December 31, 2018, report for these facts? Income Statement Choose from any list or enter any number in the input fields and then continue to the next