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. 2. Fee paid to attorney for title search $2,800 b. Cost of real estate acquired as a plant site: Land 299,100 Building (to be demolished) 28,400 Delinquent real estate taxes on property, assumed by purchaser 16,800 d. Cast of tearing down and removing building acquired in (b) 4,700 e. Proceeds from sale of salvage materials from old building 2.800 f. Special assessment paid to city for extension of water main to the property 11,200 Architect's and engineer's fees for plans and supervision 41,100 h. Premium on one-year Insurance policy during construction 4,000 i. Cost of filing and grading land 16,100 Money borrowed to pay building contractor 701,300 k Cast of repairing windstorm damage during construction 5,200 Cost of paving parking lot to be used by customers 14,200 m. Cost of trees and shrubbery planted 8,400 Cast of floodlights installed on parking lot 1,000 D. Cast of repairing vandalism damage during construction 2,200 Proceeds from insurance company for windstorm and vandalism damage 5,600* q. Payment to building contractor for new building 747,700 Interest incurred on building loan during construction 35,100 Refund of premium on insurance policy (h) canceled after 11 months 333* D. 5. 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 $ s d s e. s t. $ 9 $ h s $ s j. $ 1. $ s n $ s o p $ a s 2. Determine the amount debited to Land, Land Improver Accounting numeric field Land Land Improvements Building $ 3. Since land used as a plant site lose its ability to provide services, il depreciated. Land improvements lose their ability to provide services as time passes and are, therefore