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E7-40B (similar to) During 2018, Cheng's Book Store paid $487,000 for land and built a store in Columbus, Ohio. Prior to construction, the city of Columbus charged Cheng's $1,700 for a building permit, which Cheng's paid. Cheng's also paid $15,700 for architect's fees. The construction cost of $705,000 was financed by a long-term note payable, with interest costs of $30,040 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 $340,000 Read the requirements Journal Entry Date Accounts Debit Credit Depreciation Expense-Buildirig 5,892 Accumulated Depreciation Building 5,892 Requirement 2. Report Cheng's plant assets on the company's balance sheet at December 31, 2018 $ 487,000 Balance Sheet Plant assets Land Building Less: Accumulated depreciation Building.net $ 752 440 (5.892) 1233548 Choose from any list or enter any number in the input fields and then click Check