eBook Alocating payments and receipts to feed 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 a. Fee paid to attorney for title search $3,000 . Cost of real estate acquired as a plant site: Land 290,000 Building (to be demolished) 50,000 Delinquent real estate taxes on property, assumed by purchaser 15,000 d. Cost of rating and removing building acquired in (b) 4,000 . Proceeds from sale of salvape materials from old building 3000 - t Specialement paid to city for extension of water main to the property 29,000 0. Architect's and engineer's fees for plans and supervision 50.000 Premium on one year insurance policy during construction 5,000 L cost of Filling and grading and 12,000 Money borrowed to pay building contractor 900.000 Cost of repairing windstorm damage during construction 1. Cost of paving parking lot to be used by customers 33,000 m. Cost of trees and shrubbery planted 10.000 Cost of floodlights installed on parking lot 1.000 0. Cost of repairing and damage during construction 2.000 2. Proceeds from insurance company for windstorm and vandalism damage 7.500 - Payment to building contractor for new building Interest incurred on building loan during construction Refund of premium on urance polecanceled after 11 month Reged 1. An each payment and cut to and friede), and improvements (mited edin, or Other Accounts. Choose the correct account from the dropdown let for each other and enter the prepare amount. Internet 6.000 Acco Pro AB Calculator 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 Item Acc Amount d 1 h 4. 2. Determine the amounted to Land Land improvements, and Building Land Land Improvements Building Pre 0 h, m. 9 E 2. Determine the amount debited to Land, Land improvements, and Building Land Land Improvements Building 3. Land used as a plant site lose its way to provide services thus, it deprecated. Howeverland improvements lose the topics therefore 4. What would be the effect on the income statement and balance sheet of the cost of filing and grading and $12.000 payment was incorrectly chiedsand moreverents rather than me and more deprecated over a 20-year life using the doublededining balance method peo Ched: My Wor