Question
SASA Company made the following expenditures in connection with the construction of its new soccer facility: Architects fees $ 8,000 Cash paid for land and
SASA Company made the following expenditures in connection with the construction of its new soccer facility:
Architects fees | $ 8,000
|
Cash paid for land and old building | 130,000
|
Removal of old building | 19,000
|
Survey to site the new building | 6,000
|
Excavation for construction of basement | 1,500
|
Machinery purchased | 71,000
|
Storage charges on machinery because building was not ready when machinery was delivered | 500
|
Freight on machinery purchased | 1,500
|
Hauling charges to deliver machinery from storage to new building
| 500 |
Construction costs of new building | 612,000
|
Landscaping | 6,500
|
Installation of machinery | 8,500 |
REQUIRED: Prepare a schedule showing the amounts to be recorded as Land, Building, Machinery and Equipment, and Expenses.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started