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The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in
The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses.
(a) | Money borrowed to pay building contractor (signed a note) | $(276,900 | ) | ||
---|---|---|---|---|---|
(b) | Payment for construction from note proceeds | 276,900 | |||
(c) | Cost of land fill and clearing | 10,340 | |||
(d) | Delinquent real estate taxes on property assumed by purchaser | 7,530 | |||
(e) | Premium on 6-month insurance policy during construction | 10,980 | |||
(f) | Refund of 1-month insurance premium because construction completed early | (1,830 | ) | ||
(g) | Architects fee on building | 27,670 | |||
(h) | Cost of real estate purchased as a plant site (land $210,000 and building $53,700) | 263,700 | |||
(i) | Commission fee paid to real estate agency | 9,820 | |||
(j) | Installation of fences around property | 4,140 | |||
(k) | Cost of razing and removing building | 12,060 | |||
(l) | Proceeds from salvage of demolished building | (4,550 | ) | ||
(m) | Interest paid during construction on money borrowed for construction | 11,970 | |||
(n) | Cost of parking lots and driveways | 20,700 | |||
(o) | Cost of trees and shrubbery planted (permanent in nature) | 13,790 | |||
(p) | Excavation costs for new building | 3,300 |
Identify each item by letter and list the items in columnar form, using the headings shown below. All receipt amounts should be reported in parentheses. (Enter receipt amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Item | Land | Land Improvements | Building | Other Non-Property, Plant, and Equipment | |||||
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(a) | |||||||||
(b) | |||||||||
(c) | |||||||||
(d) | |||||||||
(e) | |||||||||
(f) | |||||||||
(g) | |||||||||
(h) | |||||||||
(i) | |||||||||
(j) | |||||||||
(k) | |||||||||
(l) |
| ||||||||
(m) | |||||||||
(n) | |||||||||
(o) | |||||||||
(p) |
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