was completed June $30,2021.$ Chan's depreciates the building using the straight$-$line method over $35$ years, with estimated residual value of $$334,000.$

Read the requirements.

building for $2021.($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Question Viewer

a$.$ Journalize the purchase of the land.

Journal Entry

Requirements

Journalize transactions for the following $($explanations are not required$)$:

a$.$ Purchase of the land

b$.$ All the costs chargeable to the building in a single entry

c$.$ Depreciation on the building for $2021$

Report Chan's plant assets on the company's balance sheet at December $31,$

What will Chan's income statement for the year ended December $31,2021,$

report for these facts?