P10-28a park and fly, near an airport, incurred the following costs

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.




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.  

Calculate your order
Pages (275 words)
Standard price: $0.00
Client Reviews
Our Guarantees
100% Confidentiality
Information about customers is confidential and never disclosed to third parties.
Original Writing
We complete all papers from scratch. You can get a plagiarism report.
Timely Delivery
No missed deadlines – 97% of assignments are completed in time.
Money Back
If you're confident that a writer didn't follow your order details, ask for a refund.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
Power up Your Academic Success with the
Team of Professionals. We’ve Got Your Back.
Power up Your Study Success with Experts We’ve Got Your Back.