Recognizing and Classifying the Cost of Long-term Assets

Fraser Manufacturing purchased land next to its factory to be used as a parking lot. The following expenditures were incurred by the company: purchase price, $299,000; broker's fees, $24,900; title search and other fees, $2,200; demolition of a cottage on the property, $8,000; general grading of property, $4,200; paving parking lots, $38,500; lighting for parking lots, $33,000; and signs for parking lots, $6,400.

Determine the amounts that should be debited to the Land account and the Land Improvements account.

Land account:-----------------------	$
Land Improvements account:-----------------------