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 $3,500 b Cost of real estate acquired plant site: Land 364,500 Building to be demolished) 34.000 6. Delinquent real estate taxes on property assumed by purchase 20.500 d. Cost of razing and removing building acquired in 8 5,700 Proceeds from sale of salvage materials from old building 3,400 Special assessment paid to city for extension of water main to the property 13.700 Architect's and engineer's fees for plans and supervision 30.100 Premium on one year Insurance policy during construction 4,000 Cost of filing and grading and 20,000 1 Money borrowed to pay building contractor 054,700 Cost of repairing windstorm damage during construction 6.100 Cost of Daving parking lot to be used by customers 12.300 m Cost of trees and shrubbery planted 10.200 Cost of foodlights installed on parking lot 1.200 Cost of repairing vandalinamage during construction 2.800 Proceeds from Insurance company for windstorm and vandalim damage 00 Paviment to buig contractor for new bollding 911 200 Interest incurred on building on doing construction 2.000 Interest incurred on building loan during construction 5. Refund of premium on insurance policy (h) canceled after 11 months Required: 42,800 400 1. Asslon each payment and receipt to and funlimited 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 2. C. 9 h. K 1. m. 0 D 9 5 2. Determine the amount debited to Land, Land Improvements, and Building Land Land improvements Building 3. Since land used as plant site lose its ability to provide services, it depreciated. Land improvement Jose their ability to provide services as time passes and are therefore 4. What would be the effect on the income statement and balance sheet if the cost of filing and grading and of $20,000 (ayment was incorrectly classifieds Land Improvements rather than Land? Assure and improvements are depredated over a year life using the double decembric method