Airport Parking, near an airport, incurred the following costs to acquire land, make land improvements, and...

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Airport Parking, 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.) Data table -C Airport Parking depreciates land improvements over 15 years, buildings over 50 years, and furniture over 12 years, all on a straight-line basis with zero residual value. Read the requirements. Requirement 1. Colum Determine the total cos a. Purchase price of three acres of land b. Delinquent real estate taxes on the land to be paid by Airport Parking Begin by listing each co box empty; do not ente c. Additional dirt and earthmoving d. Title insurance on the land acquisition e. Fence around the boundary of the property Item Land f. Building permit for the building a. 87,0 g. Architect's fee for the design of the building b. 6,0 h. Signs near the front of the property C. 8,5 i. Materials used to construct the building d. 3,5 j. Labor to construct the building the cost under the correct account. $ 87,000 6,000 sed in the table, leave the 8,500 3,500 9,100 500 21,000 9,400 212,000 169,000 e. f. g. k. Interest cost on construction loan for the building I. Parking lots on the property m. Lights for the parking lots 9,500 28,500 10,900 h. i. n. Salary of construction supervisor (75% to building; 25% to parking lot and concrete walks) 60,000 j. o. Furniture 11,700 k. I. p. Transportation of furniture from seller to the building q. Additional fencing 2,600 6,700 m. n. Requirements 0. p. q. 105,000 Totals Requirement 2. All construction wa nearest dollar. (Record a single com on the last line of the journal entry ta Date 1. Columns for Land, Land Improvements, Building, and Furniture have been set up. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset. 2. All construction was complete and the assets were placed in service on July 1. Record partial-year depreciation for the year ended December 31. Round to the nearest dollar. ended December 31. Round to the first, then credits. Select the explanation Dec. 31 Depreciation Expense- Depreciation Expense- Depreciation Expense- Accumulated Depreciation-Land Improvements Accumulated Depreciation-Building Accumulated Depreciation-Furniture To record depreciation on assets. Print Done Requirement 1. Columns for Land, Land Improvements, Building, and Furniture have been set up. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset. Begin by listing each cost for items a. through i. first, followed by items j. through q. Then determine the total cost of each asset. (If a box is not used in the table, leave the box empty; do not enter a zero.) Item Land Land Improvements Building Furniture a. 87,000 b. 6,000 C. 8,500 d. 3,500 e. 9,100 f. 500 g. 21,000 h. 9,400 i. 212,000 j. 169,000 k. 9,500 I. 28,500 m. 10,900 n. 15,000 45,000 0. 11,700 p. 2,600 q. 105,000 Totals 6,700 79,600 457,000 14,3000 Requirement 2. All construction was complete and the assets were placed in service on July 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.) Date Accounts and Explanation Dec. 31 Depreciation Expense-Land Improvements Depreciation Expense-Building Depreciation Expense-Furniture Accumulated Depreciation-Land Improvements Accumulated Depreciation-Building Accumulated Depreciation-Furniture To record depreciation on assets. To record depreciation on assets. To record loss on disposal of old assets. To record the purchase of the assets. Debit Credit Airport Parking, 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.) Data table -C Airport Parking depreciates land improvements over 15 years, buildings over 50 years, and furniture over 12 years, all on a straight-line basis with zero residual value. Read the requirements. Requirement 1. Colum Determine the total cos a. Purchase price of three acres of land b. Delinquent real estate taxes on the land to be paid by Airport Parking Begin by listing each co box empty; do not ente c. Additional dirt and earthmoving d. Title insurance on the land acquisition e. Fence around the boundary of the property Item Land f. Building permit for the building a. 87,0 g. Architect's fee for the design of the building b. 6,0 h. Signs near the front of the property C. 8,5 i. Materials used to construct the building d. 3,5 j. Labor to construct the building the cost under the correct account. $ 87,000 6,000 sed in the table, leave the 8,500 3,500 9,100 500 21,000 9,400 212,000 169,000 e. f. g. k. Interest cost on construction loan for the building I. Parking lots on the property m. Lights for the parking lots 9,500 28,500 10,900 h. i. n. Salary of construction supervisor (75% to building; 25% to parking lot and concrete walks) 60,000 j. o. Furniture 11,700 k. I. p. Transportation of furniture from seller to the building q. Additional fencing 2,600 6,700 m. n. Requirements 0. p. q. 105,000 Totals Requirement 2. All construction wa nearest dollar. (Record a single com on the last line of the journal entry ta Date 1. Columns for Land, Land Improvements, Building, and Furniture have been set up. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset. 2. All construction was complete and the assets were placed in service on July 1. Record partial-year depreciation for the year ended December 31. Round to the nearest dollar. ended December 31. Round to the first, then credits. Select the explanation Dec. 31 Depreciation Expense- Depreciation Expense- Depreciation Expense- Accumulated Depreciation-Land Improvements Accumulated Depreciation-Building Accumulated Depreciation-Furniture To record depreciation on assets. Print Done Requirement 1. Columns for Land, Land Improvements, Building, and Furniture have been set up. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset. Begin by listing each cost for items a. through i. first, followed by items j. through q. Then determine the total cost of each asset. (If a box is not used in the table, leave the box empty; do not enter a zero.) Item Land Land Improvements Building Furniture a. 87,000 b. 6,000 C. 8,500 d. 3,500 e. 9,100 f. 500 g. 21,000 h. 9,400 i. 212,000 j. 169,000 k. 9,500 I. 28,500 m. 10,900 n. 15,000 45,000 0. 11,700 p. 2,600 q. 105,000 Totals 6,700 79,600 457,000 14,3000 Requirement 2. All construction was complete and the assets were placed in service on July 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.) Date Accounts and Explanation Dec. 31 Depreciation Expense-Land Improvements Depreciation Expense-Building Depreciation Expense-Furniture Accumulated Depreciation-Land Improvements Accumulated Depreciation-Building Accumulated Depreciation-Furniture To record depreciation on assets. To record depreciation on assets. To record loss on disposal of old assets. To record the purchase of the assets. Debit Credit