Intermediate accounting 2 Prepare a schedule that discloses the individual costs making up the balance in the land account for land site number 101 as of September 30, 2020. Drop down menu is: Architects fees building value cost of land and old building fixed construction contract price interest capitalized during 2020 interest caitalized during 2021 land value legal fees plans specifications and blueprints real estate broker's commission removal of old building title insurance

Instructions: Prepare a schedule that discloses the individual costs making up the balance in the land account for land site number 101 as of September 30, 2020. During January, Allian Company incurred transactions and provided the information that follows: Purchase of a tract of land (site number 101) with a building on January 1, 2020 $ 600,000 Payment of real estate broker's commission $ 48,000 Legal fees $ 6,000 Title guarantee insurance $ 18,000 Land value indicated on the closing statement $ 600,000 Building value indicated on the closing statement $ 100,000 Cost to raze the building shortly after acquisition $ 56,000 ALLIAH COMPANY Cost of Land (Site #101) As of September 30, 2021 4,000,000 Cost of land $ Entered into a fixed-price contract with Slatkin Builders, Inc. $ on March 1, 2020, for the construction of an office building on land site number 101. The building was completed and Additional construction costs were incurred as follows: Plans, specifications, and blueprints $ Architects' fees for design and supervision $ 24,000 80,000 Prepare a schedule that discloses the individual costs that should be capitalized in the office building account as of September 30, 2021. Show supporting computations in good form. Calculation of capitalized interest: Estimated useful life of the building from date of completion 40 years Interest to be capitalized: Interest to be Capitalized (Avoidable Interest) Depreciation method used for building (declining balance) Weighted Average Accumulated Expenditure Interest Rate $ 4,000,000 2020 2021 X X Borrowing to finance construction costs on March 1, 2020 Payment terms on loan: Number of installment payments Amount of each annual installment, plus interest, starting March 1, 2021 Interest rate 10 400,000 $ Actual interest: 10% Interest Rate Fraction Interest Paid Loan Balance 2020 X X = 2021 Weighted average amounts of accumulated building construction expenditures: For the period March 1 to December 31, 2020 For the period January 1 to September 30, 2021 X X X X = $ $ 1,800,000 2,400,000 Total interest for 2020 and 2021 ALLIAH COMPANY Cost of Building As of September 30, 2021 Cost of building $