Problem 5 (20 Points) Garrison 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. 1. Cost of real estate purchased as a plant site (land and building) Debits $ 250,000 2. Accrued real estate taxes paid at the time of the purchase of the real estate, 4,000 3. Cost of demolishing building to make land suitable for construction of a new building 15,000 4. Architect's fees on building plans. 14,000 5. Excavation costs for new building. 24,000 6. Cost of filling and grading the land. 5,000 7. Insurance and taxes during construction of building. 6,000 8. Cost of repairs to building under construction caused by a small fire. 7,000 9. Interest paid during the year, of which $54,000 pertains to the construction period 64,000 780,000 10. Full payment to building contractor. 46,000 11. Cost of parking lots and driveways. 4.000 12. Real estate taxes paid for the current year on the land. $1.219.000 Total Debits Credits 13. Insurance proceeds for fire damage. $3,000 14. Proceeds from salvage of demolished building 3.500 Total Credits $6,500 Instructions 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. Item Land Buildings Other Account Title