During June 2014, Green Grocer Inc. decided to build a new warehouse and purchased land for $850,000. By the end of the month, $72,000 has been spent on excavation costs, $12,000 on paving, and $30,000 on architect-developed plans. Green Grocer Inc. also spent $400 to replace a tree on a neighbouring property that was damaged by the excavator. Determine the amounts to be allocated to the various accounts, using Construction in Progress for the new building costs.
During June 2014, Green Grocer Inc. decided to build a new warehouse and purchased land for $850,000. By the end of the month, $72,000 has been spent on excavation costs, $12,000 on paving, and $30,000 on architect-developed plans. Green Grocer Inc. also spent $400 to replace a tree on a neighbouring property that was damaged by the excavator. Determine the amounts to be allocated to the various accounts, using Construction in Progress for the new building costs.
Chapter1: Financial Statements And Business Decisions
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During June 2014, Green Grocer Inc. decided to build a new warehouse and purchased
land for $850,000. By the end of the month, $72,000 has been spent on excavation
costs, $12,000 on paving, and $30,000 on architect-developed plans. Green Grocer Inc.
also spent $400 to replace a tree on a neighbouring property that was damaged by
the excavator. Determine the amounts to be allocated to the various accounts, using
Construction in Progress for the new building costs.
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