The following expenditures and receipts are related to land, land improvements, and buildings that were acquired for use in a business enterprise. The receipts are in parentheses. 1. 2. 3. 4. 5. 6 7. Money borrowed to pay a building contractor (signed a note). ($ 274,960) A payment for building construction from note proceeds, $ 274,960 The cost of landfill and clearing, $ 7,980 Delinquent real estate taxes on property, assumed by the purchaser, $ 6,610 A premium on a six-month insurance policy during construction, $ 5.790 Refund of one month's Insurance premium because construction was completed early. ($ 940) An architect's fee on a building $ 21,800 The cost of real estate purchased as a plant site (land $ 200,000, building $ 50,000). $ 250,000 A fee paid to a real estate agency for finding the property, $ 8,870 relating to the land purchase (see 8) The installation of fences around a property, $ 3,850 The cost of razing (demolishing and removing the building on the plant site (see item 8). $ 10,700 Proceeds from the salvage of the demolished building. ($ 4,970) Interest paid during construction on money borrowed for construction, $ 12,670 8. 9. 10. 11. 12. 13. Interest paid during construction on money borrowed for construction, $ 12,670 14. 15. The cost of parking lots and driveways, $ 18,700 The cost of trees that were planted (non-permanent in nature, to be replaced every 20 years). $ 13,750 Excavation costs for new building, $2,750 The recoverable GST on the excavation cost, $ 300 16. 17. Identify each item by number and list the items in columnar form, as shown below. Using the column headings that follow, enter the amount under the column heading where it would be recorded. For any amounts that should be entered in the Other Accounts column also indicate the account title. (Show the receipts in using either a negative sign preceding the number 0.8 -15,000 or parentheses e. (15,000). If there is no entry in other accounts, select "No Entry" for the account titles.) Item Land Improvements Land Building 1. $ $ $ 2 274.960 Land Improvements Item Land Building 1 $ i $ 2 1 i 27.950 3 7.980 4. 610 5 5790 6 .240 7 21:00 250.000 9 TO Building Other Accounts Notes Payable $ 274,960 5.790 940 21.800 i 17.670 2710