Non current-asset (Tangible)

At the start of the financial year 2011, the building account had a balance of 43,000 and accumulated depreciation account had 26,600.During the year company purchased a building for 35,000 on 13 September 2011. In connection to this new building company has incurred following cost:
1. Legal fee 2,000
2. Paint 800
3. Wiring 2,600
4. Electricity cost in wiring process 550
5. Labour cost of wiring 1300

Company also carried out some repair work on existing building which is as follows:

1. Painting 300
2. 2 additional rooms 4200

Further information revealed that labour employed for wiring purposes on new machinery was
company’s own staff. Amount paid to labour for appreciation of good work was 150 which is included in1300. Besides this amount nothing has been paid in addition to their normal wages.

Company depreciates the asset on reducing balance method at the rate of 20%. In case a new asset is purchased during the year then depreciation is calculated on the basis of months used during the year starting from the first day of the month subsequent to the month of purchase.

Prepare:
1. Building account
2. Accumulated Depreciation account – Building
3. Extracts from income Statement
4. Extracts from Statement of Financial Position

Please explain how to calculate this question.