Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Identify each item by number and list the items in columnar form, asshown below Using the column headings that follow, enter the amount under the

image text in transcribedimage text in transcribedimage text in transcribed
Identify each item by number and list the items in columnar form, asshown below Using the column headings that follow, enter the amount under the column heading where it would be recorded. For anyamounts that should be entered in the Other Accounts column, also indicate the account title. (Show the receipts in using either a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000). If there is no entry in other accounts, select "No Entry" for the account titles.) Land Item Land Improvements Building S 5 10. 11 12 13. 14 15. 16 17.\fThe following expenditures and receipts are related to land, land improvements, and buildings that were acquired for use in a business enterprise. The receipts are in parentheses. 1. Money borrowed to pay a building contractor (signed a note), ($274,980) 2. A payment for building construction from note proceeds, $274,980 3. The cost of landfill and clearing, $7,680 4. Delinquent real estate taxes on property, assumed by the purchaser, $6,550 5. A premium on a six-month insurance policy during construction, $5,900 6. Refund of one month's insurance premium because construction was completed early, ($950) 7. An architect's fee on a building, $21,560 8. The cost of real estate purchased as a plant site (land $199,600, building $49,900), $249,500 9. A fee paid to a real estate agency for finding the property, $8,510 relating to the land purchase (see 8) 10. The installation of fences around a property, $3,700 11. The cost of razing (demolishing) and removing the building on the plant site (see item 8), $10,880 12. Proceeds from the salvage of the demolished building, ($4,870) 13. Interest paid during construction on money borrowed for construction, $12,920 14. The cost of parking lots and driveways, $18,740 15. The cost of trees that were planted (non-permanent in nature, to be replaced every 20 years), $13,870 16. Excavation costs for new building, $2,810 17. The recoverable GST on the excavation cost, $230

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jeffrey Waybright, Robert Kemp

1st Edition

013606048X, 9780136060482

More Books

Students also viewed these Accounting questions

Question

7. How can an interpreter influence the utterer (sender)?

Answered: 1 week ago

Question

8. How can an interpreter influence the message?

Answered: 1 week ago