Instructions:Identify each item by letter and list the items in columnar form, using the headings shown below. All receipt amounts should be reported in parentheses. For any amounts entered in the Other Accounts column, also indicate the account title.Item, Land, Land Improvements, Buildings, and Other Accounts. EJ0.1 (LOI) CACanmishtion Costs of RaltD.The following exPenditures and receietsare related to hndy land imerovementsand buildings acamirel for use in abusiness Pntererise,The receirts gre enclosed in Parentheses.Money borrowed to pay building contractor(signed a note)215000Payment for Construction from note proceedsCost of land fill and clearingSjo0DdiDelingment real estate taxes on Propertyassumed by PurchaserPremium on 6-month insurance Policyduring ConstructionGoo0folRefund of I-month insyrancePremium because ConstructionCompleted earlyArchitect's fee on bwild ing23000 25000Cost of real estate. Purchased as aPlant site (land $20g000' and buling$5y0)Commission fre Paid to real estateJoo099encyInstallation of fences around propertY400K.Cost of razing and removing byilbing11,0.Proceeds from salvaye of demolished(500)buildingInterest Paid during Constructionon money borrowed forConstructionm.13,000Cost of Parking lots anddrive walsn.(ost of trees andShubbery (Permanentin nature)14,p00Excavation Costs for newbuildingP.3,000

Its Very Important to differentiate the amount of each expenses incurred for the creation of asset…

Instructions: Identify each item by letter and list the items in columnar form, using the headings shown below. All receipt amounts should be reported in parentheses. For any amounts entered in the Other Accounts column, also indicate the account title. Item, Land, Land Improvements, Buildings, and Other Accounts.

Instructions: Identify each item by letter and list the items in columnar form, using the headings shown below. All receipt amounts should be reported in parentheses. For any amounts entered in the Other Accounts column, also indicate the account title. Item, Land, Land Improvements, Buildings, and Other Accounts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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