During 2021, Ming's Book Store paid $486,000 for land and built a store in Naperville, Illinois. Prior to construction, the city of Naperville charged Ming's $1,000 for a building permit, which Ming's paid. Ming's also paid $15,000 for architect's fees. The construction cost of $670,000 was financed by a long-term note payable, with interest costs of $28,020 paid at the completion of the project. The building was completed June 30, 2021. Ming's depreciates the building using the straight-line method over 35 years, with estimated residual value of $330,000. Read the requirements. c. Joumalize depreciation on the building for 2021. Journal Entry Date Accounts Depreciation Expense-Building Accumulated Depreciation Building Debit Less: 5,486 Credit 5,486 Requirement 2. Report Ming's plant assets on the company's balance sheet at December 31, 2021. Balance Sheet Plant assets:

During 2021, Ming's Book Store paid $486,000 for land and built a store in Naperville, Illinois. Prior to construction, the city of Naperville charged Ming's $1,000 for a building permit, which Ming's paid. Ming's also paid $15,000 for architect's fees. The construction cost of $670,000 was financed by a long-term note payable, with interest costs of $28,020 paid at the completion of the project. The building was completed June 30, 2021. Ming's depreciates the building using the straight-line method over 35 years, with estimated residual value of $330,000. Read the requirements. c. Joumalize depreciation on the building for 2021. Journal Entry Date Accounts Depreciation Expense-Building Accumulated Depreciation Building Debit Less: 5,486 Credit 5,486 Requirement 2. Report Ming's plant assets on the company's balance sheet at December 31, 2021. Balance Sheet Plant assets:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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