Nilocating payments and receipts to foxed asset accounts The foliowing paryments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an Requiredt: 1. Assign each payment and receipt to Land (unlimited life), Land Improvements (Imited life), Bullding, 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. 3. Land used as a plant site lose its abibty to provide services; thus, it depreciated. However, land improvements lose their ability to provide services as time passes and are, therefore, 4. What would be the effect on the income statement and balance sheet if the cost of filling and grading land of $11,000 [payment (0)] was incorrectly classified as Land Improvements rother than land? Assume Land improvements are depreciated over a 20 -year life using the double-declining-balance method