On January $1,20$X$4,$ Jong Enterprises purchased a tract of land $($site number $123)$ with a building for $$660,000.$

Additionally, Jong paid a real estate broker's commission of $$42,000,$ legal fees of $$9,000,$ and title insurance of $$21,000.$

The closing statement indicated that the land value was $$530,000$ and the building value was $$130,000.$

Shortly after acquisition, the building was "razed" $($meaning demolished or torn down$)$ at a cost of $$81,000.$

Jong entered into a $$3,600,000$ fixed$-$price contract with the Toronto Building Construction Company Incorporated, on March $1,204,$ for the construction of an office building on land site $123.$ The building was completed and occupied on September $30,205.$

Additional construction costs were incurred as follows:

Plans, specifications, and blueprints

Architects' fees for design and supervision

$$18,000$

$90,000$

To finance the construction cost, Jong borrowed $$3,600,000$ on March $1,204.$

The loan incurred capitalizable interest expense as follows:

Capitalizable interest expense for the period March $1$ to December $31,20$X$4$

Capitalizable interest expense for the period

January $1$ to September $30,20$X$5$

$$112,000$

$273,000$

Required:

Prepare a schedule that discloses the individual costs making up the balance in the land account in respect of land site $123$ as of September $30,205.$

Prepare a schedule that discloses the individual costs that should be capitalized in the office building account as of September $30,205.$

Complete this question by entering your answers in the tabs below.

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Required $2$

Prepare a schedule that discloses the individual costs making up the balance in the land account in respect of land site $123$ as of September $30,205.$