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Ivanhoe Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Excavation costs for new building Architect's fees on building plans Expenditures Full payment to building contractor Cost of real estate purchased as a plant site (land $285,200 and building $32,700) Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of real estate Installation cost of fences around property Cost of demolishing building to make land suitable for construction of new building Real estate taxes paid for the current year on land Receipts Proceeds from salvage of demolished building $13,545 41,540 667,100 317,900 37,530 3,710 6,240 31,700 6,790 $1,126,055 $ 12,800

Ivanhoe Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Excavation costs for new building Architect's fees on building plans Expenditures Full payment to building contractor Cost of real estate purchased as a plant site (land $285,200 and building $32,700) Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of real estate Installation cost of fences around property Cost of demolishing building to make land suitable for construction of new building Real estate taxes paid for the current year on land Receipts Proceeds from salvage of demolished building $13,545 41,540 667,100 317,900 37,530 3,710 6,240 31,700 6,790 $1,126,055 $ 12,800

FINANCIAL ACCOUNTING
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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Ivanhoe Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Expenditures Excavation costs for new building Architect's fees on building plans Full payment to building contractor Cost of real estate purchased as a plant site (land $285,200 and building $32,700) Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of real estate Installation cost of fences around property Cost of demolishing building to make land suitable for construction of new building Real estate taxes paid for the current year on land Receipts Proceeds from salvage of demolished building $13,545 41,540 667,100 317,900 37,530 3,710 6,240 31,700 6,790 $1,126,055 $ 12,800
Transcribed Image Text:Ivanhoe Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Expenditures Excavation costs for new building Architect's fees on building plans Full payment to building contractor Cost of real estate purchased as a plant site (land $285,200 and building $32,700) Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of real estate Installation cost of fences around property Cost of demolishing building to make land suitable for construction of new building Real estate taxes paid for the current year on land Receipts Proceeds from salvage of demolished building $13,545 41,540 667,100 317,900 37,530 3,710 6,240 31,700 6,790 $1,126,055 $ 12,800
Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Item 1 2 3 4 5 6 7 8 9 10 $ $ Land eTextbook and Media $ $ Building $ Amounts Other Accounts Account Title > > > > > > > Property Tax Expense Land Improvements License Expense Prepaid Insurance
Transcribed Image Text:Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Item 1 2 3 4 5 6 7 8 9 10 $ $ Land eTextbook and Media $ $ Building $ Amounts Other Accounts Account Title > > > > > > > Property Tax Expense Land Improvements License Expense Prepaid Insurance
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