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. Fee paid to attorney for title search a. b. Cost of real estate acquired as a plant site: Land $3,400 358,000 Building (to be 34,000 demolished) C. Delinquent real estate taxes on property, assumed by purchaser 20,100 d. Cost of tearing down and removing building acquired in (b) e. Proceeds from sale of salvage materials from old building 5,600 3,400* f. Special assessment paid to city for extension of water main to the property 13,400 g. Architect's and engineer's fees for plans and supervision 49,200 h. Premium on one-year insurance policy during construction 4,700 I. Cost of filling and grading land 19,700 J. Money borrowed to pay building contractor 839,500* k. Cost of repairing windstorm damage during construction 6,200 P. vandalism damage I. Cost of paving parking lot to be used by customers m. Cost of trees and shrubbery planted n. Cost of floodlights installed on parking lot o. Cost of repairing vandalism damage during construction Proceeds from insurance company for windstorm and q. Payment to building contractor for new building r. Interest incurred on building loan during construction 17,000 10,100 1,200 2,800 6,700* 895,000 42,100 5. Refund of premium on Insurance policy (h) canceled after 11 months Required: 392* 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.