Problem $1(20$ points$)$

ACCOUNTS: Land, Building and Other Accounts

An analysis of this accounts and of others disclosed the following additional information:

a$.$ The land site and old building was acquired on June $16,2022,$ was valued at $$35,000.$

b$.$ The corporation paid $$20,000$ for the demolition of the old building, then sold the scrap for

$$12,000$ and credited the proceeds to Miscellaneous Revenue.

c$.$ The corporation executives did not participate in the construction fo the new building.

d$.$ The county real estate tax was for the six$-$month period ended December $31,2022,$ and

was accessed by the county on the land.

Required:

Prepare a schedule showing each amount and the account to be accounted for.

Prepare all neccesary journal entries to account for the above transactions.