Business, 18.06.2020 03:57 pooh969owys2a

During 2016, Chun's Book Store paid $485,000 for land and built a store in Cleveland. Prior to construction, the city of Cleveland charged Chun's $1, 400 for a building permit, which Chun's paid. Chun's also paid $15, 320 for architect's fees. The construction cost of $690,000 was financed by a long-term note payable, with interest cost of $28, 300 paid at completion of the project. The building was completed June 30, 2016. Chun's depreciates the building by the straight-line method over 35 years, with estimated residual value of $337,000. Journalize transactions for the following: a. Purchase of the land b. All the costs chargeable to the building in a single entry c. Depreciation on the building for 2016 Explanations are not required. Report Chun's Book Store's plant assets on the company's balance sheet at December 31, 2016. What will Chun's income statement for the year ended December 31, 2016, report for these facts?

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During 2016, Chun's Book Store paid $485,000 for land and built a store in Cleveland. Prior to const...