Homework Help is Here – Start Your Trial Now!
Business
Accounting
Problems: Set A 9-1A Irina Company was organized on January 1. During the first year of oper he following plant asset expenditures and receipts were recorded in random ord Debits 1. Cost of real estate purchased as a plant site (land $255,000 and

Problems: Set A 9-1A Irina Company was organized on January 1. During the first year of oper he following plant asset expenditures and receipts were recorded in random ord Debits 1. Cost of real estate purchased as a plant site (land $255,000 and

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Hi Can you please show how to solve on P9-1A. there is also answer for land which i circled. 

do not give solution in image format 

Problems: Set A P9-1A Irina Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Debits 1. Cost of real estate purchased as a plant site (land $255,000 and building $25,000) 2. Installation cost of fences around property 3. Cost of demolishing building to make land suitable for construction of new building 4. Excavation costs for new building 5. Accrued real estate taxes paid at time of purchase of real estate 6. Cost of parking lots and driveways 7. Architect's fees on building plans 8. Real estate taxes paid for the current year on land 9. Full payment to building contractor Credits 10. Proceeds from salvage of demolished building $ 280,000 6,800 31,000 23,000 3,170 29,000 33,000 6,400 640,000 $1,052,370 12,000 Instructions Analyze the transactions using the following table column headings. Enter the number of each transaction in the Item column, and enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. Item Land Buildings Other Accounts Determine acquisition of land and building. (SO 1), C Land $302,170
Transcribed Image Text:Problems: Set A P9-1A Irina Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Debits 1. Cost of real estate purchased as a plant site (land $255,000 and building $25,000) 2. Installation cost of fences around property 3. Cost of demolishing building to make land suitable for construction of new building 4. Excavation costs for new building 5. Accrued real estate taxes paid at time of purchase of real estate 6. Cost of parking lots and driveways 7. Architect's fees on building plans 8. Real estate taxes paid for the current year on land 9. Full payment to building contractor Credits 10. Proceeds from salvage of demolished building $ 280,000 6,800 31,000 23,000 3,170 29,000 33,000 6,400 640,000 $1,052,370 12,000 Instructions Analyze the transactions using the following table column headings. Enter the number of each transaction in the Item column, and enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. Item Land Buildings Other Accounts Determine acquisition of land and building. (SO 1), C Land $302,170
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Property, Plant and Equipment
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS