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Vincent Royale, Inc., opened an office in Minneapolis, Minnesota. Vincent Royale incurred the following costs in acquiring land, making land improvements, and constructing and furnishing
Vincent Royale, Inc., opened an office in Minneapolis, Minnesota. Vincent Royale incurred the following costs in acquiring land, making land improvements, and constructing and furnishing the new sales building: (Click the icon to view the financial data.) The company depreciates buildings over 30years, land improvements over 15years, and furniture over 12 years, all on a straight-line basis with residual values of zero. Read the requirements. Requirement 1. Identify the proper account (Land, Land Improvements, Sales Building, Garage Building, or Furniture) for each of the costs listed in the problem. Calculate the total cost of each asset. Start with items a through i, next, enter items j through q, and lastly calculate the totals for each asset category. (If an input field is not used in the table leave the field empty; do not enter a zero. Round percentages to two places when calculating proportions (X.XX\%), and use your computed percentages throughout. Round your final answers to the nearest whole dollar.) Data table n. Lights for the parking lot and walkways 7,300 o. Salary of construction supervisor ( 86% to sales building; 11% to land improvements; and 3% to garage building renovations) 46,000 p. Office furniture for the sales building 79,400 q. Transportation and installation of furniture 1,800
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