acct2020

Requirement 1. Identify the proper account (Land, Land Improvements, Sales Building, Garage Building, or Furniture) for each of the costs listed in the problem. Calculate the total cost of each asset. Start with items a through i, next, enter items j through q, and lastly calculate the totals for each asset category. (If an input field is not used in the table leave the field empty, do not enter a zero. Round percentages to two places when calculating proportions (XXX%), and use your computed percentages throughout. Round your final answers to the nearest whole dollar) a. Purchase price of land, including an old building that will be used for a garage (land market value is $320,000; building market value is $80,000 ) b. Grading (leveling) land c. Fence around the land d. Attorney fee for title search on the land e. Delinquent real estate taxes on the land to be paid by Paint in Color f. Company signs at entrance to the property g. Building permit for the sales building h. Architect fee for the design of the sales building i. Masonry, carpentry, and roofing of the sales building j. Renovation of the garage building k. Interest cost on construction loan for sales building I. Landscaping (trees and shrubs) m. Parking lot and concrete walks on the property $350,000 8,600 31,600 600 5,400 1,300 100 59,760 513,000 46,280 9,300 6,700 52,700 Print Done Identify the proper account (Land, Land Improvements, Sales Building, Garage Building, or Furniture) for each of the costs listed in the problem. Calculate the total cost of each asset. 2. All construction was complete and the assets were placed in service on April 2. Record depreciation for the year ended December 31. Round to the nearest dollar. 3. Why would a manager need to understand the concepts covered in this