Question

Lewallen Company was organized on January 1. During the first year of operations, the following expenditures and receipts were recorded.

1. Cost of real estate purchased as a plant site (land and building) $ 220,000

2. Accrued real estate taxes paid at the time of the purchase of the real estate. 4,000

3. Cost of removing old building to make land suitable for construction 15,000

4. Architect's fees on building plans. 14,000

5. Excavation costs for new building. 29,000

6. Cost of filling and grading the land. 5,000

7. Purchase price of new delivery trucks 90,000

8. Insurance during shipping the new delivery trucks 4,000

9. Painting and Installation cost for new delivery trucks 6,000

10. Full payment to building contractor. 740,000

11. Oil used with the trucks during its first month of operation 1,000

12. Cost of parking lots and driveways. 46,000

13. Cash received from selling salvage material from removing old building 5,000

14. Real estate taxes paid for the current year on the land. 4,000

Instructions: Compute the cost of the followings:

1. Land

2. New Building

3. Delivery Trucks

4. Land Improvement

Question

Lewallen Company was organized on January 1. During the first year of operations, the following expenditures and receipts were recorded.

1. Cost of real estate purchased as a plant site (land and building) $ 220,000

2. Accrued real estate taxes paid at the time of the purchase of the real estate. 4,000

3. Cost of removing old building to make land suitable for construction 15,000

4. Architect's fees on building plans. 14,000

5. Excavation costs for new building. 29,000

6. Cost of filling and grading the land. 5,000

7. Purchase price of new delivery trucks 90,000

8. Insurance during shipping the new delivery trucks 4,000

9. Painting and Installation cost for new delivery trucks 6,000

10. Full payment to building contractor. 740,000

11. Oil used with the trucks during its first month of operation 1,000

12. Cost of parking lots and driveways. 46,000

13. Cash received from selling salvage material from removing old building 5,000

14. Real estate taxes paid for the current year on the land. 4,000

Instructions: Compute the cost of the followings:

1. Land

2. New Building

3. Delivery Trucks

4. Land Improvement