Problem 1 (20 points) ACCOUNT: Land, Building and Equipment Balance Date Item Debit Credit Debit Credit Year 2023 8-Jun Corporate organization fees paid to the state 16-Jun Land site and old building 20,000 315,000 30-Jun Corporate organization costs paid to professionals. 30,000 2-Jul Title clearance fees 18,400 20,000 60,000 60,000 100,000 14,400 28-Aug Cost of razing old building 1-Sep Salaries of Crawford Corporation executives 1-Sep Cost of acquire patent related to special equipment 12-Dec Stock bonus to corporate promoters, 2000 shares of common stock, $50 per share market value 15-Dec Country real estate tax paid during construction 15-Dec Cost of new building completed and occupied on this date 1,750,000 An analysis of Ithis account and of other accounts disclosed the following additional information: a. The building acquired on June 16, 2023, was valued at $315,000. 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, 2023, and was accessed by the county on the land and new building Required: Prepare a schedule showing colums for Land, Land Improvements, building and other accounts Prepare all neccesary journal entries to correct the books of the Crawford Corporation