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I need help trying to determine the answer to all of these. Any help and explanations would be greatly appreciated. Printem 6,000 Allocating payments and
I need help trying to determine the answer to all of these. Any help and explanations would be greatly appreciated.
Printem 6,000 Allocating payments and receipts to find 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 $2,500 b. Cost of real estate acquired as a plant sites Land 285,000 Building (to be demolished) 55,000 6. Delinquent real estate taxes on property, assumed by purchaser 15,500 de Cost of racing and removing building acquired in (h) 5,000 6. Proceeds from sale of salvage materials from old building 4,000 Specialment paid to city for extension of water main to the property 29,000 Q. Architects and engineer's fees for plans and supervision 60,000 h. Premium on 1 wear indurance policy during construction Cost of filing and grading land 12.000 1. Money borrowed to pay building contractor 900,000 Cont of repairing windstorm damage during construction 5.500 cost of paving parking lot to be used by customers 32,000 m. Cost of trees and shrubbery Wanted 11.000 Cost of floodlights installed on parking lot 2,000 Cost of repairing vandalism damage during construction 2.500 D. Proceeds from intrance company for windstorm and vandalism damage 7.500 - Payment to building contractor for new building 300,000 Interest incurred on building loan during construction 34.500 5. Refund of premium on Insurance policy (h) canceled after 11 months 500 eBook Friellem Cost of reparing vandale damage during construction 2,500 P. Proceeds from insurance company for windstorm and vandalism damage 7,500 Payment to building contractor for new building 800,000 interest incurred on building loan doring construction 34,500 Refund of premium on insurance policy cho canceled after 11 months 500 - Required: 1. Assin each payment and receipt to Land (unlimited), Land improvement (limited), Bulldog, or Other Accounts. Choose the correct account from the dropdow list for each letter od enter the appropriate amount. Enter receipts as negative amounts using the mission Item Account Amount Od My Work Che Wang PEVU All we En Sun AG Paul Printem 2. Determine the amount debited to Land, Land improvements, and Building Land Land Improvements Building 3. Land used as a plant site lose its ability to provide services; thus, it depreciated. However, and improvements lose the abila to provide services as time passes and are therefore, 4. What would be the effect on the income statement and balance sheet if the cost of riting and gradino tanto 12,000 travment 0 was incorrectly called us and improvements rather than Land Autume and improvements are deprecated over 20 year life using the double dedining balance method Step by Step Solution
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