Score: 0.32 of 2 pts 2 of 4 (2 complete) HW Score: 12.29%, 1.23 of 10p %E6-22 (similar to) Question Help During 2017. Davis Inc. paid $196,000 for land and built a restaurant in Cobalt, Ontario. Prior to construction, the city of Cobalt charged Davis Inc. $1,000 for a building permit, which Davis Inc. paid. Davis also paid $15,000 for architect's fees. The construction cost of $670,000 was financed by a long-term note payable issued on January 1, 2017, with interest cost of $28,020 paid at December 31, 2017. The building was completed September 30, 2017. Davis Inc. will depreciate the building by the straight-line method over 25 years, with an estimated residual value of $35,000. Requirements Requirement 1. Journalize transactions for the following: (Record debits first, then credits. Explanations are not required. Hold all decimals in interim calculations. Round your final answer to the nearest whole dollar.) a. Purchase of the land, Journal Entry Accounts Date Credit Debit 196,000 i Requirements Land Cash 196,000 b. All the costs chargeable to the building, in a single entry. Journal Entry Date Accounts Debit 1. Joumalize 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 c. Depreciation on the building 2. Report this transaction in Property, Plant, and Equipment on the company's balance sheet at December 31, 2017 3. What will Davis Inc.'s income statement for the year ended December 31, 2017, report for building? Credit Print Done Choose from any list or enter any number in the input fields and then click Check