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Question 27 View Policies Current Attempt in Progress Crane Company is constructing a building. Construction began in 2020 and the building was completed 12/31/20. Crane made payments to the construction company of $3060000 on 7/1, $6348000 on 9/1, and $ 5810000 on 12/31. Weighted average accumulated expenditures were $3646000. $ 15218000. $9408000. $3117000.

Question 27 View Policies Current Attempt in Progress Crane Company is constructing a building. Construction began in 2020 and the building was completed 12/31/20. Crane made payments to the construction company of $3060000 on 7/1, $6348000 on 9/1, and $ 5810000 on 12/31. Weighted average accumulated expenditures were $3646000. $ 15218000. $9408000. $3117000.

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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Question 27 View Policies Current Attempt in Progress Crane Company is constructing a building. Construction began in 2020 and the building was completed 12/31/20. Crane made payments to the construction company of $3060000 on 7/1, $6348000 on 9/1, and $ 5810000 on 12/31. Weighted average accumulated expenditures were $3646000. $ 15218000. $9408000. $3117000. Crane Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Debit 1. Excavation costs for new building $26,000 2. Architect's fees on building plans 36.000 3. Full payment to building contractor 643.000 4. 5. Cost of realestate purchased as a plant site. The property includes a building which will be demolished to prepare the property for building a new plant. Cost of parking lots and driveways 283,000 32,000 6. Accrued real estate taxes paid at time of purchase of land 3,470 7. Installation cost of fences around property 7,100 8. Cost of demolishing building to make land suitable for construction of new building 34,000 9. Real estate taxes paid for the current year on land 6,700 $1,071,270 Credit $12,300 10. Proceeds from salvage of demolished building
Transcribed Image Text:Question 27 View Policies Current Attempt in Progress Crane Company is constructing a building. Construction began in 2020 and the building was completed 12/31/20. Crane made payments to the construction company of $3060000 on 7/1, $6348000 on 9/1, and $ 5810000 on 12/31. Weighted average accumulated expenditures were $3646000. $ 15218000. $9408000. $3117000. Crane Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Debit 1. Excavation costs for new building $26,000 2. Architect's fees on building plans 36.000 3. Full payment to building contractor 643.000 4. 5. Cost of realestate purchased as a plant site. The property includes a building which will be demolished to prepare the property for building a new plant. Cost of parking lots and driveways 283,000 32,000 6. Accrued real estate taxes paid at time of purchase of land 3,470 7. Installation cost of fences around property 7,100 8. Cost of demolishing building to make land suitable for construction of new building 34,000 9. Real estate taxes paid for the current year on land 6,700 $1,071,270 Credit $12,300 10. Proceeds from salvage of demolished building
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