Garrison Company was organized on January 1. During the first year of operations, the following expenditures and receipts were recorded in random order in the account, Land, 1. 2 3 4. 5. 6. 7. 8. 9. 10. 11. Debits Cost of real estate purchased as a plant site (land and building). Accrued real estate taxes paid at the time of the purchase of the real estate. Cost of demolishing building to make land suitable for construction of a new building. Architect's fees on building plans. Excavation costs for new building. Cost of filling and grading the land. Insurance and taxes during construction of building. Cost of repairs to building under construction caused by a small fire. Interest paid during the year, of which $54,000 pertains to the construction period. Full payment to building contractor. Cost of parking lots and driveways $250,000 4,000 15,000 14.000 24,000 5,000 6.000 7,000 64,000 780,000 46,000

Garrison Company was organized on January 1. During the first year of operations, the following expenditures and receipts were recorded in random order in the account, Land, 1. 2 3 4. 5. 6. 7. 8. 9. 10. 11. Debits Cost of real estate purchased as a plant site (land and building). Accrued real estate taxes paid at the time of the purchase of the real estate. Cost of demolishing building to make land suitable for construction of a new building. Architect's fees on building plans. Excavation costs for new building. Cost of filling and grading the land. Insurance and taxes during construction of building. Cost of repairs to building under construction caused by a small fire. Interest paid during the year, of which $54,000 pertains to the construction period. Full payment to building contractor. Cost of parking lots and driveways $250,000 4,000 15,000 14.000 24,000 5,000 6.000 7,000 64,000 780,000 46,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 3PA: During the current year, Alanna Co. had the following transactions pertaining to its new office...

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The mid-month convention applies to...
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