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need all answers Allocating Payments and Receipts to Fixed Asset Accounts The following payments and receipts are related to land, land improvements, and buildings acquired
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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. a Fee paid to attorney for title search $2,900 b. cost of real estate acquired as a plant site: Land 304,200 Building (to be demolished) 28,900 Delinquent real estate taxes on property, assumed by purchaser 17,100 di Cost of tearing down and removing building acquired in (b) 4,800 Proceeds from sale of salvage materials from old building 2.900 f. Special assessment paid to city for extension of water main to the property 11,400 0. Architect's and engineer's fees for plans and supervision Step by Step Solution
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