Allocating payments and receipts to fixed asset accountsThe 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.ItemDescriptionAmounta.Fee paid to attorney for title search$$2,500$ b$.$Cost of real estate acquired as a plant site: Land$285,000$ b$.$ Cost of real estate acquired as a plant site: Building $($to be demolished$)55,000$ c$.$Delinquent real estate taxes on property, assumed by purchaser$15,500$ d$.$Cost of razing and removing building acquired in $($b$)5,000$ e$.$Proceeds from sale of salvage materials from old building$4,000*$f$.$Special assessment paid to city for extension of water main to the property$29,000$ g$.$Architects and engineers fees for plans and supervision$60,000$ h$.$Premium on $1-$year insurance policy during construction$6,000$ i$.$Cost of filling and grading land$12,000$ j$.$Money borrowed to pay building contractor$900,000*$k$.$Cost of repairing windstorm damage during construction$5,500$ l$.$Cost of paving parking lot to be used by customers$32,000$ m$.$Cost of trees and shrubbery planted$11,000$ n$.$Cost of floodlights installed on parking lot$2,000$ o$.$Cost of repairing vandalism damage during construction$2,500$ p$.$Proceeds from insurance company for windstorm and vandalism damage$7,500*$q$.$Payment to building contractor for new building$800,000$ r$.$Interest incurred on building loan during construction$34,500$ s$.$Refund of premium on insurance policy $($h$)$ canceled after $11$ months$500*$Required:$1.$ 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.