1. Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts. Choose the correct account from the dropdown list for each letter and enter the appropriate amount. Enter receipts as negative amounts using the minus sign.

Allocating payments and receipts to fixed asset accounts a. Fee paid to attorney for title search $3,000 b. Cost of real estate acquired as a plant site: Land 320,400 Building (to be demolished) 30,400 c. Finder's fee paid to real estate agency 18,000 d. Delinquent real estate taxes on property, assumed by purchaser e. Architect's and engineer's fees for plans for new building f. Cost of removing building purchased with land in (b) g. Proceeds from sale of salvage materials from old building h. Cost of filling and grading land i. Premium on 1-year insurance policy during construction j. Money borrowed to pay building contractor 751,400 k. Special assessment paid to city for extension of water main to the property 5,500 I.Costofrepairingwindstormdamageduringconstruction15,200 m.Costofrepairingvandalismdamageduringconstruction9,100 n. Cost of trees and shrubbery planted 1,000 o.Costofpavingparkinglottobeusedbycustomers2,500 p.Interestincurredonbuildingloanduringconstruction6,000 q. Proceeds from insurance company for windstorm and vandalism damage 37,700* r.Paymenttobuildingcontractorfornewbuilding801,100 s. Refund of premium on insurance policy (i) canceled after 11 months 350* amount. Enter receipts as negative amounts using the minus sign. 3. Since land used as a plant site lose its ability to provide services, it depreciated. Land improvements lose their ability to provide services as time passes and are, therefore, Improvements are depreciated over a 20-year life using the double-declining-balance method