Problem 5 (15 Points) The Band Company was organized on January 1. During the first year of operations, the following expenditures and receipts were recorded in random order in the account, Land. Expenditures 1. Cost of real estate purchased as a plant site (land $220,000 and old building $30,00) 2. Accrued real estate taxes paid at the time of the purchase of the real estate. 3. Cost of demolishing building to make land suitable for construction of a new building. 4. Architect's fees on building plans. 5. Installation cost of fences around the building $ 250,000 35,000 25,000 20,000 15,000 6. Excavation costs for new building. 40,000 7. Cost of filling and grading the land. 35,000 8. Full payment to building contractor. 820,000 9. Cost of parking lots and driveways. 55,000 10. Real estate taxes paid for the current year on the land. Total 10.000 $1.305.000 Receipts 11. Proceeds from salvage of demolished building Total Instructions 16.500 $16.500 Analyze the foregoing transactions using the following tabular arrangement. Insert the number of each transaction in the Item space and insert the amounts in the appropriate columns and show the total for each column. Item Land Buildings Land Improvements Other Account Title ||