1. 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 2. Report Tao's plant assets on the company's balance sheet at December 31, 2021. 3. What will Tao's income statement for the year ended December 31, 2021, report for these facts?

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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During 2021, Tao's Book Store paid $486,000 for land and built a store in Akron, Ohio. Prior to construction, the city of Akron charged Tao's $1,300 for a building permit, which Tao's paid. Tao's also paid $15,300 for architect's
fees. The construction cost of $685,000 was financed by a long-term note payable, with interest costs of $28,220 paid at the completion of the project. The building was completed June 30, 2021. Tao's depreciates the building
using the straight-line method over 35 years, with estimated residual value of $336,000.
Read the requirements.
Requirement 1. 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, and c. Depreciation on the building for 2021. (Record
debits first, then credits. Exclude explanations from any journal entries.)
a. Joumalize the purchase of the land.
es
Date
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Journal Entry
Accounts
Debit
Requirements
Credit
1. 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
2.
Report Tao's plant assets on the company's balance sheet at December 31, 2021.
3. What will Tao's income statement for the year ended December 31, 2021, report for these facts?
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Transcribed Image Text:During 2021, Tao's Book Store paid $486,000 for land and built a store in Akron, Ohio. Prior to construction, the city of Akron charged Tao's $1,300 for a building permit, which Tao's paid. Tao's also paid $15,300 for architect's fees. The construction cost of $685,000 was financed by a long-term note payable, with interest costs of $28,220 paid at the completion of the project. The building was completed June 30, 2021. Tao's depreciates the building using the straight-line method over 35 years, with estimated residual value of $336,000. Read the requirements. Requirement 1. 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, and c. Depreciation on the building for 2021. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Joumalize the purchase of the land. es Date Get more help. Journal Entry Accounts Debit Requirements Credit 1. 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 2. Report Tao's plant assets on the company's balance sheet at December 31, 2021. 3. What will Tao's income statement for the year ended December 31, 2021, report for these facts? Print Done X Clear all Check answer
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