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

b$.$ Cost of real estate acquired as a plant site: Land

p$.$ Proceeds from insurance company for windstorm and vandalism damage g$.$ Architect's and engineer's fees for plans and supervision

h$.$ Premium on one$-$year insurance policy during construction

i$.$ Cost of filling and grading land

j$.$ Money borrowed to pay building contractor

k$.$ Cost of repairing windstorm damage during construction

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

p$.$ Proceeds from insurance company for windstorm and vandalism damage

q$.,$ Payment to building contractor for new building

r$.$ Interest incurred on building loan during construction

s$.$ Refund of premium on insurance policy $($h$)$ canceled after $11$ months

Required:

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. PR$.10\mathrm{.}01.$ALGO

PR$\mathrm{.}10\mathrm{.}02.$ALGO

PR$\mathrm{.}10\mathrm{.}03.$ALGO

PR$\mathrm{.}10\mathrm{.}05.$BLANKSHEET.AL$...$

PR$\mathrm{.}10\mathrm{.}06.$BLANKSHEET.AL$...$ Determine the amount debited to Land, Land Improvements, and Building.