On July 1, 2022, Zakel & Hyde Company purchased land and incurred other costs relative to the construction of a new warehouse. A summary of economic activities is listed below: Purchase price Title insurance Legal fees to purchase land Cost of razing old building on lot $185,000 1,500 1,000 8,500 Proceeds from the sale of salvageable materials (1,200) Property taxes, January 1, 2022 - June 30, 3,000 2022 Cost of grading and filling building site 9,000 Cost of building construction 620,000 Interest on construction loan Cost of construction driveway 12,000 8,000 12,000 Cost of parking lot and fencing Required: Indicate the accounts that would be affected by the above transactions and the resulting balance in each account.

On July 1, 2022, Zakel & Hyde Company purchased land and incurred other costs relative to the construction of a new warehouse. A summary of economic activities is listed below: Purchase price Title insurance Legal fees to purchase land Cost of razing old building on lot $185,000 1,500 1,000 8,500 Proceeds from the sale of salvageable materials (1,200) Property taxes, January 1, 2022 - June 30, 3,000 2022 Cost of grading and filling building site 9,000 Cost of building construction 620,000 Interest on construction loan Cost of construction driveway 12,000 8,000 12,000 Cost of parking lot and fencing Required: Indicate the accounts that would be affected by the above transactions and the resulting balance in each account.

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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