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blactbevry turnaround D http wwwadaptivecycle... The Fatal Mistake That Do- MBlackBerry's rise and falu L Colorado Secretaryof stat. Return to Blackboard US Kieso, Intermediate Accounting, 16e Help l System Announcements Unread) CALCULATOR PRINTER VERSION Problem 10-1 (Essay) At December 31, 2016, certain accounts included in the property, plant, and equipment section of Reagan company's balance sheet had the following $230,000 Buildings 890,000 Leasehold improvements 660,000 Equipment 875,000 During 2017, the following transactions occurred. 1. Land site number 621 was acquired for $850,000. In addition, to acquire the land Reagan paid a $51,000 commission to estate agent costs of $35,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for 2. A second tract of land (site number 622) with a building was acquired for $420,000. The closing statement indicated that the land value was $300,000 and the building value was $120,000. Shortly after acquisition, the building was demolished at a cost of $41,000. A new building was constructed for $330,000 plus the following costs. Excavation fees $38,000 11,000 Architectural design fees Building permit fee Imputed interest on funds used during construction (stock financing) 8,500 The building was completed and occupied on September 30, 2017. 3. A third tract of land (site number 623) was acquired for $650,000 and was put on the market for resale. 4. During December 2017, costs of $89,000 were incurred to improve leased office space. The related lease will terminate on December 31, 2019, and is