Lewallen Company was organized on January 1. During the first year of operations, the following expenditures and receipts were recorded in random order in the account, Land. $ 240,000 4,000 15,000 14,000 29,000 5.000 6,000 7,000 Debits 1. Cost of real estate purchased as a plant site (land and building) 2. Accrued real estate taxes paid at the time of the purchase of the real estate. 3. Cost of demolishing building to make land suitable for construction of a new building, 4. Architect's fees on building plans. 5. Excavation costs for new building 6. Cost of filling and grading the land. 7. Insurance and taxes during construction of building, 8. Cost of repairs to building under construction caused by a small fire 9. Interest paid during the year, of which $54,000 pertains to the construction period. 10. Full payment to building contractor. 11. Cost of parking lots and driveways. 12. Real estate taxes paid for the current year on the land, Total Debits Credits 13. Insurance proceeds for fire damage. 14. Proceeds from residual of demolished building Total Credits 69,000 760,000 36,000 4.000 $1,189.000 $3,000 3.500 $6,500 36,000 4,000 $1,189.000 Stor parking lots and driveways. 12. Real estate taxes paid for the current year on the land. Total Debits Credits 13. Insurance proceeds for fire damage 14. Proceeds from residual of demolished building Total Credits $3,000 3,500 $6,500 Instructions I Analyze the foregoing transactions using the following tabular arrangement. Insert the number of each transaction in the item space and insert the amounts in the appropriate columns. Item Land Building Other Account Title