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During 2021, Chang's Book Store paid $481,000 for land and built a store in Newark,...

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Accounting

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During 2021, Chang's Book Store paid $481,000 for land and built a store in Newark, New Jersey. Prior to construction, the city of Newark charged Chang's \$1,200 for a building permit, which Chang's paid. Chang's also paid \$15,200 for architect's fees. The construction cost of $679,900 was financed by a long-term note payable, with interest costs of $28,180 paid at the completion of the project. The building was completed June 30, 2021. Chang's depreciates the building using the straight-line method over 35 years, with estimated residual value of $335,000. Read the reguirements

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