Problem Three (Application - 11 marka Isaac 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 Debits 1. Cost of real estate purchased as a plant site (land and building). $ 320,000 2. Legal fees paid at the time of the purchase of the real estate 6.500 3. Cost of demolishing building to make land suitable for construction of a new building 12.000 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. 14,000 9. Interest paid during the year, of which $52,000 pertains to the construction period 84,000 10. Full payment to building contractor 760,000 11. Cost of parking lots and driveways 38.000 12. Property taxes paid for the current year on the land 4.000 Total Debits $1.265.500 Credits 13. Insurance proceeds for fire damage $10.000 14. Proceeds from residual of demolished building 3.500 Total Credits $12.500 Instructions Analyze the above transactions using the following columns below. Insert the number of each transaction in the item space and insert the amounts in the appropriate columns Land Item Land Improvements Building Other Account Title