Question
Fee paid to attorney for title search $3,600 Cost of real estate acquired as a plant site: Land 382,300 Building (to be demolished) 36,300
Fee paid to attorney for title search $3,600 Cost of real estate acquired as a plant site: Land 382,300 Building (to be demolished) 36,300 Delinquent real estate taxes on property, assumed by purchaser 21,500 Cost of tearing down and removing building acquired in (b) 6,000 Proceeds from sale of salvage materials from old building 3,600 Special assessment paid to city for extension of water main to the property 14,300 Architect's and engineer's fees for plans and supervision 52,600 Premium on one-year insurance policy during construction Cost of filling and grading land Money borrowed to pay building contractor k. Cost of repairing windstorm damage during construction Cost of paving parking lot to be used by customers m. Cost of trees and shrubbery planted 5,100 21,000 896,500* 6,600 18,200 10,800 n. Cost of floodlights installed on parking lot 1,200 0. Cost of repairing vandalism damage during construction 3,000 P. Proceeds from insurance company for windstorm and vandalism damage 7,200* 9. Payment to building contractor for new building 955,800 F Interest incurred on building loan during construction 44,900 S. Refund of premium on insurance policy (h) canceled after 11 months 425* Required: I 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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started