Question 1 of 7 - /20 View Policies Current Attempt in Progress In 2021. Sheridan Company had the following transactions related to the purchase of a property. All transactions were for cash unless otherwise stated. Jan. 12 16 31 Feb. 13 28 Mar. 14 31 Apr. 22 Sept. 26 Sept. 30 Oct. 20 Nov. 15 Purchased real estate for a future plant site for $417.000, paying $97.000 cash and signing a note payable for the bala Paid $8,700 for legal fees on the real estate purchase. Paid $62,500 to demolish the old building to make room for the new plant. Received $9.700 for residual materials from the demolished building. Graded and filled the land in preparation for the construction for $8.700. Paid $38,250 in architect fees for the building plans. Paid the local municipality $15,700 for building permits. Paid excavation costs for the new building of $17.700. The construction of the building was completed. The full cost was $737.000. Paid $142,000 cash and signed a mortgag Purchased a one-year insurance policy for the building. $4.700. Paved the parking lots, driveways, and sidewalks for $50.000, Installed a fence for $11,700. (a) Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually If no entry is required, select "No Entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem - 120 Date Account Titles and Explanation Jan. 12 Land Debit Credit Cash Notes Payable (To record purchase of land in exchange for cash and a note payable.) Jan. 16 Land Cash (Paid legal fees on purchase of land.) Jan. 31 v Land Cash (Paid to demolish building on land.) Feb. 13 No Entry No Entry (Received cash from material from demolished building on land.) Building Feb. 28 Cash (Paid to grade and fill land.) Trade - 720 E Mar. 14 (Paid architect fees for building.) (Paid for building permit for building.) (Paid excavation costs for building.) (Paid for construction of building.) (Paid for insurance in advance.) Question 1 of 7 -120 (Paid for construction of building.) (Paid for insurance in advance.) (Paid for paving of parking lots, driveways and sidewalks.) (Paid for fence on property.) e Textbook and Media Submit ASWE Attempts:0 of 5 used Save for Later score