Allocate Payments and Receipts to property, plant, and equipment 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 by an asterisk 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 Imrrovements, and Building. 3. Which of the following would be depreciated for the wholesale apparel business? 2. Determine the increases to Land, Land Improvements, and Building. 3. Which of the following would be depreciated for the wholesale apparel business? The cost of paving the parking lot used by customers of the business. Feedback v Check My Work 1&2. Determine in which account each event is assigned. Remember that in addition to purchase price, costs of acquiring fixed as getting the asset in place and ready for use. Consider how receipts affect the accounts. Recall that land improvements have Costs incurred to ready the asset for use are added to the asset's account. Unnecessary costs that do not increase the asse