Alocang Payments and Receipts to Freed 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. . Pee paid to attorney for title search $3,700 Cest of real estate acquired as a plant site: Land 391,500 Building (to be demolished) 37,200 Delinquent real estate taxes on property, assumed by purchaser 22,000 d. Cost of tearing down and removing building acquired in (b) 6.200 Proceeds from sale of salvage materials from old building 3.700* Special assessment paid to city for extension of water main to the property 14.700 - Architect's and engineer's fees for plans and supervision 53.800 h. Premium on one-year insurance policy during construction 5,200 Cost of filling and grading land 21,500 Money borrowed to pay building contractor 918.100" & Cost of repairing windstorm damage during construction 6.800 Cost of paving parking lot to be used by customers 18,600 m Cost of trees and shrubbery planted 11.100 n. Cost of floodlights installed on parking lot 1.300 c. Cost of repairing vandalism damage during construction 3,000 p. Proceeds from insurance company for windstorm and vandalism damage 7,300 4. Payment to building contractor for new building 978,800 Interest incurred on building loan during construction 46.000 :. Refund of premium on insurance policy (h) canceled after 11 months 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 mounts using the minus sign Item Account Amount Land S 3,700