Allocate 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 apparel business. The receipts are identified by an asterisk.

a.	Architect's and engineer's fees for plans and supervision		47,000
b.	Cost of filling and grading land		18,800
c.	Cost of removing building purchased with land in (e)		5,400
d.	Cost of paving parking lot to be used by customers		16,200
e.	Cost of real estate acquired as a plant site: Land ($342,000) and Building ($32,500)		374,500
f.	Cost of repairing windstorm damage during construction		5,900
g.	Cost of repairing vandalism damage during construction		2,700
h.	Cost of trees and shrubbery planted		9,700
i.	Delinquent real estate taxes on property, assumed by purchaser		12,800
j.	Fee paid to attorney for title search		3,200
k.	Finder's fee paid to real estate agency		1,100
l.	Interest incurred on building loan during construction		40,200
m.	Money borrowed to pay building contractor		802,000	*
n.	Payment to building contractor for new building		855,000
o.	Proceeds from insurance company for windstorm and vandalism damage		6,400	*
p.	Premium on one-year insurance policy during construction		4,500
q.	Proceeds from sale of salvage materials from old building		3,200	*
r.	Refund of premium on insurance policy (p) canceled after 11 months		430	*
s.	Special assessment paid to city for extension of water main to the property		19,200

Instructions:

1. Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts by selecting from the corresponding item from the dropdown list. Enter receipts as negative amounts.

2. Determine the increases to Land, Land Improvements, and Building