Whelan Transfer manufactures conveyor belts. Early in August 2016, Whelan Transfer constructed its own building at materials, labor, and overhead cost of $910,000. Whelan Transfer paid cash for the construction costs. Whelan Transfer also paid for architect fees and building permits of $71,000.

Requirements

1. How much should Whelan Transfer record as the cost of the building in 2016?

2. Record Whelan Transfer's transactions related to the construction of the building?