Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hi, I only require section b of this to be completed. Problem 9-2A (Part Level Submission) For the year ended December 31, 2015, Westlake Ltd.
Hi, I only require section b of this to be completed.
Problem 9-2A (Part Level Submission) For the year ended December 31, 2015, Westlake Ltd. had the following transactions related to the purchase of property. Assume all transactions are for cash unless otherwise stated Feb. 7 Purchased real estate for $576,300, paying $150,500 cash and signing a mortgage payable for the balance. The site had an old building on it and the fair values of the land and building were $511,600 and $64,700, respectively. The old building will be demolished and a new apartment building will be constructed on the site 9 Paid legal fees of $11,640 on the real estate purchase of February 7 15 Paid $25,200 to demolish the old building and make the land ready for the construction of the apartment building. 17 Received $7,860 from the sale of material from the demolished building 28 Paid $2,000 to grade the land in preparation for the construction of the apartment building Paid architect fees of $36,530 to design the apartment building The full cost for construction of the apartment building was $1,319,200. Paid $360,800 cash and signed a bank loan payable for the balance. Purchased a one-year insurance policy on the finished building for $5,370 Paid $25,240 for the paving of sidewalks and a parking lot for the building Mar. 2 July 2 3 Aug. 29 Your answer is partially correct. Try again. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 7 TLand 576300 Cash 150500 Mortgage Payable 425800 Feb. 9 TTOffice Expense 11640 Cash 11640 Feb. 15 TRepair and Maintenance E 25,200Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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