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Patricia Manufacturing Co. was incorporated on 1/2/17 but was unable to begin manufacturing activities until 8/1/20 because new factory facilities were not completed until
Patricia Manufacturing Co. was incorporated on 1/2/17 but was unable to begin manufacturing activities until 8/1/20 because new factory facilities were not completed until that date. The Land and Buildings account at 12/31/20 per the books was as follows: Date Item Amount 1/31/20 Land and dilapidated building $188,000 2/28/20 Cost of removing building 3,760 4/1/20 Legal fees 5,640 5/1/20 Fire insurance premium payment 5,076 5/1/20 Special tax assessment for streets 4,230 5/1/20 Partial payment of new building construction 197,400 8/1/20 Final payment on building construction 197,400 8/1/20 General expenses 28,200 12/31/20 Asset write-up 70,500 $700,206
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