Spector Enterprises needed a new soccer facility. They made the following expenditures forthe project:AmountExpenditureInstallation of machineryMachinery purchasedStorage charges for machinery because new building was notreadyInstallation of new roofArchitect's feesHauling charges to move equipment from storage8,28672,3496621,1787,82039619,892Removal of old building24995,718Construction costs of new buildingCash paid for land and existing buildingFreight on machinery purchasedSurvey to site the new buildingLegal fees for title searchClearing of land for parking lot107,5441,2275,3589155,906REQUIRED:Prepare a schedule showing the amounts to be recorded as Land, Building, Machinery &Equipment, and Expenses.Use the following format:Machinery &EquipmentExpenditureBuildingExpensesLandTotals

Note:- Survey to site the new building should be deducted from Land. Storage charges for machinery…

Answered: REQUIRED: Prepare a schedule showing…

Business

Accounting

REQUIRED: Prepare a schedule showing the amounts to be recorded as Land, Building, Machinery & Equipment, and Expenses.

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

Spector Enterprises needed a new soccer facility. They made the following expenditures for
the project:
Amount
Expenditure
Installation of machinery
Machinery purchased
Storage charges for machinery because new building was not
ready
Installation of new roof
Architect's fees
Hauling charges to move equipment from storage
8,286
72,349
662
1,178
7,820
396
19,892
Removal of old building
24
995,718
Construction costs of new building
Cash paid for land and existing building
Freight on machinery purchased
Survey to site the new building
Legal fees for title search
Clearing of land for parking lot
107,544
1,227
5,358
915
5,906
REQUIRED:
Prepare a schedule showing the amounts to be recorded as Land, Building, Machinery &
Equipment, and Expenses.
Use the following format:
Machinery &
Equipment
Expenditure
Building
Expenses
Land
Totals

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