Swifty Company was organized on January 1. During the first year of operations, the followingplant asset expenditures and receipts were recorded in random order.Debit1. Cost of filling and grading the land $ 3,5002. Full payment to building contractor 691,5003. Real estate taxes paid for the current year on land 4,5004. Cost of real estate purchased as a plant site (land $118,000 and building$44,000)162,0005. Excavation costs for new building 31,0006. Architect’s fees on building plans 12,0007. Accrued real estate taxes paid at time of purchase of land 1,0008. Cost of parking lots and driveways 15,0009. Cost of demolishing building to make land suitable for construction ofnew building25,500$946,000Credit10. Proceeds from salvage of demolished building $ 3,500Analyze the transactions using the following table column headings. Enter the amounts in theappropriate columns. (If an amount reducesthe account balance then enter with a negative signpreceding the number, e.g. -15,000 or parenthesis, e.g. (15,000).)Item Land Buildings Other Account
Swifty 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. Cost of filling and grading the land $ 3,500
2. Full payment to building contractor 691,500
3. Real estate taxes paid for the current year on land 4,500
4. Cost of real estate purchased as a plant site (land $118,000 and building
$44,000)
162,000
5. Excavation costs for new building 31,000
6. Architect’s fees on building plans 12,000
7. Accrued real estate taxes paid at time of purchase of land 1,000
8. Cost of parking lots and driveways 15,000
9. Cost of demolishing building to make land suitable for construction of
new building
25,500
$946,000
Credit
10. Proceeds from salvage of demolished building $ 3,500
Analyze the transactions using the following table column headings. Enter the amounts in the
appropriate columns. (If an amount reducesthe account balance then enter with a negative sign
preceding the number, e.g. -15,000 or parenthesis, e.g. (15,000).)
Item Land Buildings Other Account
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