On January 1, 2019 Crampton Company acquired land on which to construct a new distribution warehouse. During 2019, the company made expenditures as follows: Contract price of the land $600,000 Closing costs $23,000 Hoerr Excavating for clearing and grading $65,000 Sparks Concrete Construction for sidewalk and parking lot $158,500 Touchstone Lighting for parking lot lighting $21,500 J Hacker and Associates, Architects $71,000 Town of Normal for building permits $9,500 Lewis General Contractors $4,100,000 Crampton also purchased $1,450,000 of warehousing equipment and conveyors. The entire facility was placed in service before December 31, 2019. Prepare Crampton Company’s PPE section of their balance sheet dated December 31, 2019 before the adjusting entries for depreciation
Chapter 10 Problem Set A
Problem 10-1
On January 1, 2019 Crampton Company acquired land on which to construct a new distribution warehouse. During 2019, the company made expenditures as follows:
Contract price of the land $600,000
Closing costs $23,000
Hoerr Excavating for clearing and grading $65,000
Sparks Concrete Construction for sidewalk and parking lot $158,500
Touchstone Lighting for parking lot lighting $21,500
J Hacker and Associates, Architects $71,000
Town of Normal for building permits $9,500
Lewis General Contractors $4,100,000
Crampton also purchased $1,450,000 of warehousing equipment and conveyors.
The entire facility was placed in service before December 31, 2019.
Prepare Crampton Company’s PPE section of their
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