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n. Salary of construction supervisor (80% to building; 20% to parking lot and concrete walks) $50,000 o. Furniture p. Transportation of furniture from seller to the building a Additional fencing $11,200 $2.200 $6,600 Daytona Freight Inc depreciates land improvements over 15 years, buildings over 40 years, and furniture over 10 years, all on a straight-line basis with zero residual value. Requirements Set up columns for Land, Land Improvements, Building, and Furniture. Show how to account for each cost 1 by listing the cost under the correct account. Determine the total cost of each asset.

n. Salary of construction supervisor (80% to building; 20% to parking lot and concrete walks) $50,000 o. Furniture p. Transportation of furniture from seller to the building a Additional fencing $11,200 $2.200 $6,600 Daytona Freight Inc depreciates land improvements over 15 years, buildings over 40 years, and furniture over 10 years, all on a straight-line basis with zero residual value. Requirements Set up columns for Land, Land Improvements, Building, and Furniture. Show how to account for each cost 1 by listing the cost under the correct account. Determine the total cost of each asset.

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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1. Daytona Freight Inc, near an airport, incurred the following costs to acquire land, make land improvements, and construct and fiarnish a small building The chart is as follows. Purchase price of three acres of land b. Delinquent real estate taxes on the land to be paid by Daytona Freisht Inc c. Additional dirt and earthmoing d. Title insurance on the land acquisition e. Fence around the boundary of the property Building permit for the building g Architect's fee for the design of the building h Signs near the front of the property S80,000 $6,300 $9,000 PLEASE SHOW ALL EXCEL FORMULAS $3,200 $9,600 $1,000 $20,700 $9,300 Materials used to construct the building . Labor to construct the building k. Interest cost on construction loan for the building 1 Parking lots on the property m. Lights for the parking lots $215,000 $175,000 $9,400 $28,500 $11,200 Activate V j. Labor to construct the building k. Interest cost on construction loan for the building 1. Parking lots on the property m. Lights for the parking lots |$175,000 $9,400 $28,500 $11,200 n. Salary of construction supervisor (80% to building; 20% to parking lot and concrete walks) $50,000 o. Furniture p. Transportation of furniture from seller to the building q. Additional fencing $11,200 $2,200 $6,600 Daytona Freight Inc depreciates land improvements over 15 years, buildings over 40 years, and furniture over 10 years, all on a straight-line basis with zero residual value. Requirements Set up columns for Land, Land Improvements, Building, and Furniture. Show how to account for each cost 1 by listing the cost under the correct account. Determine the total cost of each asset.
Transcribed Image Text:1. Daytona Freight Inc, near an airport, incurred the following costs to acquire land, make land improvements, and construct and fiarnish a small building The chart is as follows. Purchase price of three acres of land b. Delinquent real estate taxes on the land to be paid by Daytona Freisht Inc c. Additional dirt and earthmoing d. Title insurance on the land acquisition e. Fence around the boundary of the property Building permit for the building g Architect's fee for the design of the building h Signs near the front of the property S80,000 $6,300 $9,000 PLEASE SHOW ALL EXCEL FORMULAS $3,200 $9,600 $1,000 $20,700 $9,300 Materials used to construct the building . Labor to construct the building k. Interest cost on construction loan for the building 1 Parking lots on the property m. Lights for the parking lots $215,000 $175,000 $9,400 $28,500 $11,200 Activate V j. Labor to construct the building k. Interest cost on construction loan for the building 1. Parking lots on the property m. Lights for the parking lots |$175,000 $9,400 $28,500 $11,200 n. Salary of construction supervisor (80% to building; 20% to parking lot and concrete walks) $50,000 o. Furniture p. Transportation of furniture from seller to the building q. Additional fencing $11,200 $2,200 $6,600 Daytona Freight Inc depreciates land improvements over 15 years, buildings over 40 years, and furniture over 10 years, all on a straight-line basis with zero residual value. Requirements Set up columns for Land, Land Improvements, Building, and Furniture. Show how to account for each cost 1 by listing the cost under the correct account. Determine the total cost of each asset.
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