The writer is very fast, professional and responded to the review request fast also. Thank you.
Book/movie review
22/08/2022
Park and Fly, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building:
Purchase price of 3 acres of land ————- $60,000
Delinquent real estate taxes on the land to be paid by Park and Fly ———- 3,700
Additional dirt and earthmoving —————– 5,100
Title insurance on the land acquisition —————- 1,000
Fence around the boundary of the property ————— 44,200
Building permit for the building ———————– 200
g. Architect’s fee for the design of the building ——————– 5,000
Signs near the approaches to the property ————————– 20,900
Materials used to construct the building ——————————- 40,000
Labor to construct the building ———————– 30,000
Interest cost on construction loan for the building ——————- 3,800
Parking lots on the property ———————— 120,000
Lights for the parking lot ———————- 8,900
Salary of construction supervisor (10% to building; 90% to parking lot) ——————— 50,000
Furniture ———————- 6,000
Transportation of furniture from seller to the building ————- 400
Landscaping (shrubs) ——————— 9,000
Park and Fly depreciates land improvements over 20 years, buildings over 30 years, and furniture over 8 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 in March 31. Record partial-year depreciation for the year ended December 31.
The writer is very fast, professional and responded to the review request fast also. Thank you.
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