Abocating Payments and Receipts to Fixed Alset Accounts The following payments and receipts are related to land, land improvements, and buldings acquired for use in a wholesale ceramic bushess. The receipts are identified by an asterisk 1. Assign each payment and receipt to Land (Unlimited Ife), Lond Improvements (limited Mfe), tuilding, or Other Accounts. Choose the correct account from the dropdown list for each ietter negative amounts using the minus sign. 3. Since land used os a plont site Toue its ablisy to provide servicel, it drortecated. Land improwemeres romavines. Depreciation expense would be overstated a Land improvements would be overstated. Depreciation expense would be overstated \& Land would be overstat $. Depreciation expense would be understated 8 Land improvements would be overstated. Land would be overstated 8 Net Income would be understated