Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts in the table provided. Enter receipts as negative amounts using the minus sign. Determine the amount debited to Land, Land Improvements, and Building. The costs assigned to the land, which is used as a plant Site, will not be deprecated, while the costs assigned to land improvement will be deprecated. Explain this seemingly contradictory application of the concept of depreciation. What would be effect on the income statement and balance sheet if the cost of filing and grading land of $12,000 [payment (1)] was incorrectly classified as Land Improvements rather than Land? Assume Land Improvements are deprecated over a 20-year life using the double-declining-balance method