eBookAllocating Payments and Receipts to FIxed Asset AccountsThe following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified byan asterisk.a.Fee paid to attorney for title search$3,100b. Cost of real estate acquired as a plant site: Land326,200Building (to be demolished)31,000C.Delinquent real estate taxes on property, assumed by purchaser18,400d. Cost of tearing down and removing building acquired in (b)5,100Proceeds from sale of salvage materials from old building3,100*e.f.Special assessment paid to city for extension of water main to the property12,200g.Architect's and engineer's fees for plans and supervision44,900h.Premium on one-year insurance policy during construction4,300L.Cost of filling and grading land17,900Money borrowed to pay building contractor765,000*k. Cost of repairing windstorm damage during construction5,600I.Cost of paving parking lot to be used by customers15,500m. Cost of trees and shrubbery planted9,200n.Cost of floodlights installed on parking lot1,1000.Cost of repairing vandalism damage during construction2,500p. Proceeds from insurance company for windstorm and vandalism damage6,100*q. Payment to building contractor for new building815,600Interest incurred on bullding loan during construction38,300S.Refund of premium on insurance policy (h) canceled after 11 months358* A v2.cengagenow.comApple Google Hulu NETFLIX Youtube Kissanime Mail - jbestor.dcat.fvsu.eduDiscussions List - L.y! spinbot - Yahoo Se.oo Spinbot - Article Sp.My HomeC CengageNOWV2 |0.C CengageN24T.S.Determine the amount debited to Land, Land Improvements, and Building.LandLand ImprovementsBuilding- Since land used as a plant sitelose its ability to provide services, it- lose their ability to provide services as time passes and are thereforedepreciated. Land improvements4. What would be the effect on the current year's income statement and balance sheet if the cost of filling and grading land of $17,900 [payment (1)] was incorrectlyElassified as Land Improvements rather than Land? Assume that Land Improvements are depreciated over a 20-year life using the double-declining-balance method.Check My Work 3 more Check My Work uses remainingNext>Email InstructorSave and ExitSubmit Assignment for Grading2645.8delesRTFGKVMcommandoption

sk. paid to attorney for title search $3,100 t of real estate acquired as a plant site: Land 326,200 Building (to be demolished) 31,000 linquent real estate taxes on property, assumed by purchaser 18,400 st of tearing down and removing building acquired in (b) 5,100 oceeds from sale of salvage materials from old building 3,100 becial assessment paid to city for extenslon of water main to the property 12,200 rchitect's and engineer's fees for plans and supervision 44,900 remlum on one-year insurance policy during construction 4,300 Cost of filling and grading land 17,900

sk. paid to attorney for title search $3,100 t of real estate acquired as a plant site: Land 326,200 Building (to be demolished) 31,000 linquent real estate taxes on property, assumed by purchaser 18,400 st of tearing down and removing building acquired in (b) 5,100 oceeds from sale of salvage materials from old building 3,100 becial assessment paid to city for extenslon of water main to the property 12,200 rchitect's and engineer's fees for plans and supervision 44,900 remlum on one-year insurance policy during construction 4,300 Cost of filling and grading land 17,900

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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