FNT Company purchased land and a building on January 1,2023,at a cost of $950,000.The land was appraised at $150,000 and the building at $900,000.FNT renovated the building from January 1 to March 31,2023,at a cost of $125,000.It also paid the local government an assessment of $55,000 to have a sidewalk and improved sewer system put into place.The new building opened on April 1,2023,with a customer reception that cost JMT $7,000.FNT estimates the building will be used for 25 years and will use the straight-line method to depreciate the asset Required: Prepare all journal entries relating to the land,building,and related activities,for JMT's January 1 to December 31,2023,fiscal year.Round the final answer to the nearest dollar.

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The Answer of FNT Company purchased land and a building on January 1,2023,at a cost of $950,000.The land was appraised at $150,000 and the building at $900,000.FNT renovated the building from January 1 to March 31,2023,at a cost of $125,000.It also paid the local government an assessment of $55,000 to have a sidewalk and improved sewer system put into place.The new building opened on April 1,2023,with a customer reception that cost JMT $7,000.FNT estimates the building will be used for 25 years and will use the straight-line method to depreciate the asset Required: Prepare all journal entries relating to the land,building,and related activities,for JMT's January 1 to December 31,2023,fiscal year.Round the final answer to the nearest dollar.

FNT Company Purchased Land and a Building on January 1,2023,at