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 a Fee paid to attorney for title search $3,300 b Cost of real estate acquired as a plant site Land 344,900 Building (to be demolished) 32,800 c Delinquent real estate taxes on property, assumed by purchaser 19,400 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 f Special assessment paid to city for extension of water main to the property 12,900 g Architects and engineers fees for plans and supervision 47,400 h Premium on one year insurance policy during construction 4,600 i Cost of filling and grading land 19,000 j Money borrowed to pay building contractor 808,700 k Cost of repairing windstorm damage during construction 5,900 l Cost of paving parking lot to be used by customers 16,400 m Cost of trees and shrubbery planted 9,700 n Cost of floodlights installed on parking lot 1,100 o Cost of repairing vandalism damage during construction 2,700 p Proceeds from insurance company for windstorm and vandalism damage 6,500 q Payment to building contractor for new building 862,200 r Interest incurred on building loan during construction 40,500 s Refund of premium on insurance policy (h) canceled after 11 months 383 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 Item Account Amount a Land b Land c Land S $ d Land $ e Land f Land g Building h Building $ i Land j Other Accounts k Other Accounts s 1 SI Land Improvements Land Improvements m $ n Land Improvements $ 0 Other Accounts $ p Other Accounts $ 9 Building S Building $ s Building 2 Determine the amount debited to Land, Land Improvements, and Building Land Land Improvements Building

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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

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.

a.	Fee paid to attorney for title search	$3,300
b.	Cost of real estate acquired as a plant site: Land	344,900
	Building (to be demolished)	32,800
c.	Delinquent real estate taxes on property, assumed by purchaser	19,400
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*
f.	Special assessment paid to city for extension of water main to the property	12,900
g.	Architects and engineers fees for plans and supervision	47,400
h.	Premium on one-year insurance policy during construction	4,600
i.	Cost of filling and grading land	19,000
j.	Money borrowed to pay building contractor	808,700*
k.	Cost of repairing windstorm damage during construction	5,900
l.	Cost of paving parking lot to be used by customers	16,400
m.	Cost of trees and shrubbery planted	9,700
n.	Cost of floodlights installed on parking lot	1,100
o.	Cost of repairing vandalism damage during construction	2,700
p.	Proceeds from insurance company for windstorm and vandalism damage	6,500*
q.	Payment to building contractor for new building	862,200
r.	Interest incurred on building loan during construction	40,500
s.	Refund of premium on insurance policy (h) canceled after 11 months	383*

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. Item Account Amount a. Land b. Land c. Land S $ d. Land $ e. Land f. Land g. Building h. Building $ i. Land j. Other Accounts k. Other Accounts s 1. SI Land Improvements Land Improvements m. $ n. Land Improvements $ 0. Other Accounts $ p. Other Accounts $ 9. Building S Building $ s. Building 2. Determine the amount debited to Land, Land Improvements, and Building. Land Land Improvements Building