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a. b. C. f. Allocating Payments and Receipts to Fixed Asset Accounts The following payments and receipts are related to land, land improvements, and buildings
a. b. C. f. Allocating Payments and Receipts to Fixed Asset Accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. Fee paid to attorney for title search $3,300 Cost of real estate acquired as a plant site: Land 343,500 Building (to be demolished) 32,600 Delinquent real estate taxes on property, assumed by purchaser 19,300 d. Cost of tearing down and removing building acquired in (b) 5,400 e. Proceeds from sale of salvage materials from old building 3,200* Special assessment pald to city for extension of water main to the property 12,900 9. Architect's and engineer's fees for plans and supervision 47,200 Premium on one-year insurance policy during construction 4,600 Cost of filing and grading land 18,900 1. Money borrowed to pay building contractor 805,600 Cost of repairing windstorm damage during construction 5,900 1. Cost of paving parking lot to be used by customers 16,300 m. Cost of trees and shrubbery planted 9,700 Cost of floodlights installed on parking lot 1,100 Cost of repairing vandalism damage during construction 2,700 Proceeds from insurance company for windstorm and vandalism damage 6,400 K h. 1. k. n. o P. P. 9. S. Proceeds from insurance company for windstorm and vandalism damage 6,400 Payment to building contractor for new building 858,800 Interest incurred on building loan during construction 40,400 Refund of premium on insurance policy (h) canceled after 11 months Required: 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 383 Item Account Amount a. Land Land
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