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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