resources for faculty to use to improve their teaching skills. The following expenditures were made in creating this center:

Architect's fee for building design $ 74,800 Building 3,200,000

Building permits 28,000

Cost of grading the land 220,000

Cost of land 2,000,000

Cost of land survey 14,800

Cost of tearing down old building 340,000

Costs of tests to prepare equipment for use 16,800

Electrical wiring for building 64,400

Equipment (computers, tables & chairs) 124,000

Installation charges for equipment 12,600 Insurance during construction of building 12,700

Landscaping 68,400

Lawyer's fee - land acquisition 120,000

Transportation costs for equipment 12,900

Requirements: To determine the amount to record in each asset account, prepare a schedule with the following four account (column) headings: Land, Land Improvements, Building, and Equipment. Place each of the above expenditures in the appropriate column and then total the columns.

Land | Land Improvement | Building | Equipment | (Activities) (Amount)

Midwestern University constructed a new faculty development center in 2017 to provide

a Exercise 10.1 Midwestern University constructed a new faculty development center in 2017 to provide resources for faculty to use to improve their teaching skills. The following expenditures were made in creating this center: Architect's fee for building design $ 74,800 Building 3,200,000 Building permits 28,000 Cost of grading the land 220,000 Cost of land 2,000,000 Cost of land survey 14,800 Cost of tearing down old building 340,000 Costs of tests to prepare equipment for use 16,800 Electrical wiring for building 64,400 Equipment (computers, tables & chairs) 124,000 Installation charges for equipment 12,600 Insurance during construction of building 12,700 Landscaping 68,400 Lawyer's fee - land acquisition 120,000 Transportation costs for equipment 12,900 Requirements: To determine the amount to record in each asset account, prepare a schedule with the following four account (column) headings: Land, Land Improvements, Building and Equipment. Place each of the above expenditures in the appropriate column and then total the columns. Land Land Improvement Building Equipment (Activities) (Amount)