Chapter $9-$ Assignment $($i

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On March $31,2023,$ Capital Investment Advisers paid $$4,590,000$ for land with two buildings on it$.$ The plan was to demolish Bullding $1$ and build a new store $($Building $3)$ in its place, Building $2$ was to be used as a company office and was appraised at a value of $$1,075\mathrm{.}250.$ A lighted parking lot near Building $2$ had improvements $($Land Improvements $1)$ valued at $$607,750.$ Without considering

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the buildings or improvements, the tract of land was estimated to have a value of $$2,992,000.$ Capital incurred the following additional costs:

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Cost to denolish Building $1$ Cost of additional landscaping

Cost to construct new building $($Building $3)$

Cost of new land improvements near Building $2($Land Inprovements $2)$

Required:

Allocate the costs incurred by Capital to the approprlate columns and total each column.

$\backslash$table$[[,,-$and,Building $2,$Building $3,\backslash$table$[[$Land$],[$Improvements $1]],\backslash$table$[[$Land$],[$Improvements $2]]],[$Purchase price,$s,2,992,000,,,,],[$Demolition$,,,,709,160,,],[$Landscaping$],[$New building,,,,$2,478,000,,],[$New improvements,,,,,$607\mathrm{.}750,255,000],[$Totals$,$$$,2,992,000,5,3,187,160,607\mathrm{.}750,255,000]]$

Prepare a single journal entry dated March $31,2023,$ to record all the incurred costs, assuming they were paid in cash on that date.

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Journal entry worksheet

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Record costs of plant assets.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$Mar $31,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

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