Problems Group A 1, 2 (P10-30A etermining asset cost and recording partial year depreciation make Drive and Fly near an airport, incurred the following costs to acquire land, land improvements, and construct and furnish a small building: 2,700 80,000 a. Purchase price of three acres of land 5,600 b) Delinquent real estate taxes on the land to be paid by Drive 9,000 c. Additional dirt and earthmoving 3,200 d. Title insurance on the land acquisition 9,100 ee Fence around the boundary of the property 500 Building permit for the building 20,700 yg. Architects fee for the design of the building 9,000 h. Signs near the front of the property 15,000 Materials used to construct the building 173,000 j. Labor to construct the building rk. Interest cost on construction loan for the building 29,000 l. Parking lots on the property m. Lights for the parking lots 16 11,300 Salary of construction supervisor (80% to building: 20% to parking lot and concrete walks) 6 GbC00 80,000 11,600 o. Furniture ep. Transportation of furniture from seller to the building 6,300 Additional fencing Drive and Fly depreciates land improvements over 20 years, buildings over 40 years. and furniturs over 10 years, all on a straight-line basis with zero residual value. Requirements 1. set up columns for Land, Land Improvements, Building, and Furniture. 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 expense for the year ended December 31