0.5 points eBook Print 10 References The Madison Sign Company purchased land as a factory site for $88,000. Prior to construction of the new building, the land had to be cleared of trees and brush. Construction costs incurred during the first year are listed below: Land clearing costs Sale of firewood to a worker Architect fees (for new building) Title investigation of land Property taxes on land (for the first year) Building construction costs Required: Determine the amounts that the company should record in the Land and the Building accounts. (Amounts to be deducted should be indicated by a minus sign.) Totals $4,800 (420) 28,000 3,300 2,800 380,000 Land Building

The Madison Sign Company purchased land as a factory site for $88,000. Prior to construction of the new bullding. the tand had to be eleared of trees and brush. Construction costs incurred during the first year are listed below: Required: Determine the amounts that the compary should record in the Land and the Bulding accounts. (Amounts to be deducted should be indicated by a minus sign.)