I need help with all three questions please.

3 P7-78B. (Learning Objectives 1, 2, 3: Measure and account for plant assets; distinguish a capital expenditure from an expense; measure and record depreciation) Lancey Supply, Inc., opened an office in Ypsilanti, Michigan. Lancey incurred the following costs in acquiring land, making land improvements, and constructing and furnishing the new sales building: The company depreciates buildings over 50 years, land improvements over 20 years, and furniture over 12 years, all on a straight-line basis with residual values of zero. Requirements 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. 2. All construction was complete and the assets were placed in service on April 2. Record depreciation for the year ended December 31. Round to the nearest dollar. 3. Why would a manager need to understand the concepts covered in this