Allocating payments and receipts to foxed 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; 1. Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts, Choose the correct account fro the dropdown list for each letter and enter the appropriate amount. Enter receipts as negative amounts using the minus sign. 2. Determine the amount debited to Land, Land Improvements, and Bullding. 3. Land used as a plant site lose its ability to provide services; thus, it depreciated. However, Iand improvements lose 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 nilling and grading tand of 512 , 000 [payment (1)] was incorrectly classified as Land Improvements rather than Land? Assume Land Improvements are depreciated over a 20-year life using the double-declining-balance method