drive and fly near an airport incurred the following costs to acquire land make land improvements and construct and furnish a small building a purchase price of three acres of land 80000/

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Requirements
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 on July 1.
Record partial-year depreciation expense for the year ended December 31.

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