Answer all requirements ...s Drive and Fly, near an airport, incurred costs to acquire land, make land improvements, and construct and furnish a small building. They also plan to depreciate land improvements over 15 years, buildings over 40 years, and furniture over 10 years, all on a straight-line basis with zero residual value.### Financial Data#### Requirements:1. **Account Setup for Costs** - Columns for Land, Land Improvements, Building, and Furniture are established. - List each cost under the correct account and determine the total cost for each asset. - Do not enter zero in the table; leave the box empty if a cost doesn't apply.2. **Depreciation Recording** - Record partial-year depreciation for assets placed in service on October 1 for the year ending December 31. - Round to the nearest dollar.#### Cost Data Table- **Land:** - Purchase price of three acres: $88,000 - Delinquent real estate taxes: $5,700 - Additional dirt and earthmoving: $8,000 - Title insurance on acquisition: $3,500 - Fence around property: $9,600- **Building:** - Building permit: $500 - Architect’s fee: $20,500 - Materials for building: $216,000 - Labor to construct: $165,000 - Interest on construction loan: $9,500- **Site Improvements:** - Signs near front of property: $9,200 - Parking lots: $29,000 - Lights for parking lots: $11,500 - Additional fencing: $6,700- **Furniture:** - Furniture cost: $11,300 - Transportation of furniture: $2,700- **Labor Costs:** - Salary of construction supervisor: $40,000### Notes:- The costs are categorized into Land, Improvements, Building, and Furniture to simplify asset allocation.- Utilize the provided costs to enter data appropriately under each column in the table for accounting purposes.

Drive and Fly, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building: (Click the icon to view the financial data.) Requirement 1. Columns for Land, Land Improvements, Building, and Furniture have been set up. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset. Begin by listing each cost for items a. through i. first, followed by items j. through q. Then determine the total cost of each asset. (If a box is not used in the table, leave the box empty; do not enter a zero.) Item a. b. C. d. e. f 9 h. 1 Land Land Improvements Requirements Building Print Furniture 1. Columns for Land, Land Improvements, Building, and Furniture have been set up. 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 October 1. Record partial-year depreciation for the year ended December 31. Round to the nearest dollar. Done - X Drive and Fly depreciates land improvements over 15 years, buildings over 40 years, and furniture over 10 years, all on a straight-line basis with zero residual value. Read the requirements. Data table. a. Purchase price of three acres of land b. Delinquent real estate taxes on the land to be paid by Drive and Fly c. Additional dirt and earthmoving d. Title insurance on the land acquisition e. Fence around the boundary of the property f. Building permit for the building g. Architect's fee for the design of the building h. Signs near the front of the property i. Materials used to construct the building j. Labor to construct the building k. Interest cost on construction loan for the building 1. Parking lots on the property m. Lights for the parking lots n. Salary of construction supervisor (85% to building; 15% to parking lot and concrete walks) o. Furniture p. Transportation of furniture from seller to the building q. Additional fencing Print Done - X $ 88,000 5,700 8,000 3,500 9,600 500 20,500 9,200 216,000 165,000 9,500 29,000 11,500 40,000 11,300 2,700 6,700