Land 6,100 Land 3,700 Building 14,600 Building 53,600 Land 5,200 Other Accounts 21,500 Other Accounts 914,600 6,700 Land Improvements Land Improvements 18,500 Land Improvements 11,000 Other Accounts 1,300 Other Accounts 3,000 Building 7,300 975,100 Building $ Building 45,800 2. Determine the amount debited to Land, Land Improvements, and Building. Land Land Improvements Building 3,000 0. Cost of repairing vandalism damage during construction Proceeds from insurance company for windstorm and vandalism damage 7,300* q. Payment to building contractor for new building r. Interest incurred on building loan during construction 975,100 45,800 433* s. Refund of premium on insurance policy (h) canceled after 11 months Required: 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. Item Account Amount Land $ 3,700 Land $ 427,100 Land 37,100 Land 21,900 Land 6,100 Land 3,700 Building 14,600 Building 53,600 Land 5,200 Other Accounts $ 21,500 Allocating Payments and Receipts to Fixed 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. $3,700 a. b. Fee paid to attorney for title search Cost of real estate acquired as a plant site: Land Building (to be demolished) Delinquent real estate taxes on property, assumed by purchaser Cost of tearing down and removing building acquired in (b) 390,000 37,100 21,900 c. d. 6,100 3,700* 14,600 e. f. g. h. i. Proceeds from sale of salvage materials from old building Special assessment paid to city for extension of water main to the property Architect's and engineer's fees for plans and supervision Premium on one-year insurance policy during construction 53,600 5,200 Cost of filling and grading land 21,500 914,600* j. Money borrowed to pay building contractor Cost of repairing windstorm damage during construction Cost of paving parking lot to be used by customers 6,700 18,500 I. 11,000 m. Cost of trees and shrubbery planted n. Cost of floodlights installed on parking lot o. Cost of repairing vandalism damage during construction 1,300 3,000