The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(294,600 ) (b) Payment for construction from note proceeds 294,600 (c) Cost of land fill and clearing 10,250 (d) Delinquent real estate taxes on property assumed by purchaser 7,170 (e) Premium on 6-month insurance policy during construction 11,100 (f) Refund of 1-month insurance premium because construction completed early (1,850 ) (g) Architect’s fee on building 26,350 (h) Cost of real estate purchased as a plant site (land $208,600 and building $51,900) 260,500 (i) Commission fee paid to real estate agency 9,500 (j) Installation of fences around property 4,120 (k) Cost of razing and removing building 10,230 (l) Proceeds from salvage of demolished building (5,160 ) (m) Interest paid during construction on money borrowed for construction 13,980 (n) Cost of parking lots and driveways 19,980 (o) Cost of trees and shrubbery planted (permanent in nature) 12,900 (p) Excavation costs for new building 2,730 Identify each item by letter and list the items in columnar form, using the headings shown below. All receipt amounts should be reported in parentheses. For any amounts entered in the Other Accounts column, also indicate the account title

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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The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses.

(a)	Money borrowed to pay building contractor (signed a note)	$(294,600	)
(b)	Payment for construction from note proceeds	294,600
(c)	Cost of land fill and clearing	10,250
(d)	Delinquent real estate taxes on property assumed by purchaser	7,170
(e)	Premium on 6-month insurance policy during construction	11,100
(f)	Refund of 1-month insurance premium because construction completed early	(1,850	)
(g)	Architect’s fee on building	26,350
(h)	Cost of real estate purchased as a plant site (land $208,600 and building $51,900)	260,500
(i)	Commission fee paid to real estate agency	9,500
(j)	Installation of fences around property	4,120
(k)	Cost of razing and removing building	10,230
(l)	Proceeds from salvage of demolished building	(5,160	)
(m)	Interest paid during construction on money borrowed for construction	13,980
(n)	Cost of parking lots and driveways	19,980
(o)	Cost of trees and shrubbery planted (permanent in nature)	12,900
(p)	Excavation costs for new building	2,730

Identify each item by letter and list the items in columnar form, using the headings shown below. All receipt amounts should be reported in parentheses. For any amounts entered in the Other Accounts column, also indicate the account title. (Enter receipt amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). If no entry is required in other accounts, select "No Entry" for the account titles.)

The image shows a section of a web form with five rows labeled (l) through (p). Each row contains three empty input fields arranged horizontally. Below the input fields, there is a section labeled "eTextbook and Media."

This layout suggests that users might need to input related sets of information across these rows. The labeling with letters in parenthesis hints at a sequential order or categorization exercise, possibly related to an educational activity or assessment. The section below could be related to additional resources or content linked to the form's purpose.

The image presents a table designed for categorizing financial data related to property assets. The table consists of four main columns, each representing a different category of assets:

1. **Land**
2. **Land Improvements**
3. **Building**
4. **Other Accounts**

Each column contains a series of blank fields where amounts can be entered. The rows, labeled (a) through (k), provide spaces to input specific numerical values under each category.

The purpose of this table is to organize financial data related to land and property improvements, facilitating better asset management and accounting clarity.

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