Bramble Landscaping began construction of a new plant on December 1, 2022 (all amounts in thousands). On this date, the company purchased a parcel of land for ¥158,460 in cash. In addition, it paid 2,280 in surveying costs and ¥4,560 for a title insurance policy. An old dwelling on the premises was demolished at a cost of ¥3,420, with 1,140 being received from the sale of materials. Architectural plans were also formalized on December 1, 2022, when the architect was paid ¥34,200. The necessary building permits costing ¥3,420 were obtained from the city and paid for on December 1 as well. The excavation work began during the first week in December with payments made to the contractor in 2023 as follows. Date of Payment Amount of Payment March 1 ¥273,600 May 1 376,200 July 1 68,400 The building was completed on July 1, 2023. To finance construction of this plant, Bramble borrowed ¥684,000 from the bank on December 1, 2022. Bramble had no other borrowings. The ¥684,000 was a 10-year loan bearing interest at 8%. Excess funds from the loan were invested during 2022 and earned ¥2,280. During 2023, the excess funds from the loan earned ¥1,140. Show Transcribed Text Compute the balance in each of the following accounts at December 31, 2022, and December 31, 2023. (Round answers to O decimal places, e.g. 5,275.) a. b. C. Land Buildings Interest Expense Show Transcribed Text V C December 31, 2022 December 31, 2023
Bramble Landscaping began construction of a new plant on December 1, 2022 (all amounts in thousands). On this date, the company purchased a parcel of land for ¥158,460 in cash. In addition, it paid 2,280 in surveying costs and ¥4,560 for a title insurance policy. An old dwelling on the premises was demolished at a cost of ¥3,420, with 1,140 being received from the sale of materials. Architectural plans were also formalized on December 1, 2022, when the architect was paid ¥34,200. The necessary building permits costing ¥3,420 were obtained from the city and paid for on December 1 as well. The excavation work began during the first week in December with payments made to the contractor in 2023 as follows. Date of Payment Amount of Payment March 1 ¥273,600 May 1 376,200 July 1 68,400 The building was completed on July 1, 2023. To finance construction of this plant, Bramble borrowed ¥684,000 from the bank on December 1, 2022. Bramble had no other borrowings. The ¥684,000 was a 10-year loan bearing interest at 8%. Excess funds from the loan were invested during 2022 and earned ¥2,280. During 2023, the excess funds from the loan earned ¥1,140. Show Transcribed Text Compute the balance in each of the following accounts at December 31, 2022, and December 31, 2023. (Round answers to O decimal places, e.g. 5,275.) a. b. C. Land Buildings Interest Expense Show Transcribed Text V C December 31, 2022 December 31, 2023
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Bramble Landscaping began construction of a new plant on December 1, 2022 (all amounts in thousands). On this date, the company
purchased a parcel of land for ¥158,460 in cash. In addition, it paid ¥2,280 in surveying costs and ¥4,560 for a title insurance policy. An
old dwelling on the premises was demolished at a cost of ¥3,420, with ¥1,140 being received from the sale of materials.
Date of Payment Amount of Payment
March 1
¥273,600
Architectural plans were also formalized on December 1, 2022, when the architect was paid ¥34,200. The necessary building permits
costing ¥3,420 were obtained from the city and paid for on December 1 as well. The excavation work began during the first week in
December with payments made to the contractor in 2023 as follows.
May 1
July 1
Show Transcribed Text
The building was completed on July 1, 2023.
To finance construction of this plant, Bramble borrowed ¥684,000 from the bank on December 1, 2022. Bramble had no other
borrowings. The ¥684,000 was a 10-year loan bearing interest at 8%. Excess funds from the loan were invested during 2022 and
earned ¥2,280. During 2023, the excess funds from the loan earned ¥1,140.
a.
Compute the balance in each of the following accounts at December 31, 2022, and December 31, 2023. (Round answers to O decimal
places, e.g. 5,275.)
Land
b. Buildings
C.
Interest Expense
Show Transcribed Text
V
3
376,200
68,400
V
V
December 31, 2022
C
X
V
V
December 31, 2023
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