Allocating Payments and Receipts to Fixed Asset Accounts. The following payments and receipts are related to land, land improvements, and bulidings acquired for use in a wholesale ceramic business. The receipts are ifentified by an asterisk: 1. Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts. Choose the carrect account from the dropdown list for each letter and enter the appropriate amount. Enter receipts as negotive amounts using the minus sign. 2. Determine the amount debited to Land, Land Improvements, and Bulding. \begin{tabular}{ccc} Land & Land Improvements & Building \\ \hline\( 5 \longdiv { 4 0 0 , 0 0 0 } \) & 45,000900,000 \end{tabular} 3. Since land used as a plant site lose their ability to provide services as time passes and are, therefore, 4. What would be the effect on the current year's income statement and balance sheet if the cost of filing and grading land of 321;000 (parment (i)] was incorrectly classified as Land Improvements rather than Land? Assume that Land Improvements are depreciated over a 20-year life using the double-decining-balance method