View Policies Current Attempt in Progress 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) $(280,800) b. Payment for construction from note proceeds 280,800 C. Cost of land fill and clearing 12,020 d. Delinquent real estate taxes on property assumed by purchaser 7,470 e. Premium on 6-month insurance policy during construction 12,360 f. Refund of 1-month insurance premium because construction completed early (2,060) g. Architect's fee on building 28,020 h. Cost of real estate purchased as a plant site (land $208,600 and building $50,000) 258,600 i. Commission fee paid to real estate agency 8,480 j. Installation of fences around property 3,960 k. Cost of razing and removing building 10,190 I. Proceeds from salvage of demolished building (4,840) m. Interest paid during construction on money borrowed for construction 12,880 n. Cost of parking lots and driveways 18,540 O. Cost of trees and shrubbery planted (permanent in nature) 13,540 p. Excavation costs for new building 3,100 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.) Item Land a. b. C. d. e. f. g. h. i. j. k. I. m. n. O. p. eTextbook and Media Land Improvements Building $
View Policies Current Attempt in Progress 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) $(280,800) b. Payment for construction from note proceeds 280,800 C. Cost of land fill and clearing 12,020 d. Delinquent real estate taxes on property assumed by purchaser 7,470 e. Premium on 6-month insurance policy during construction 12,360 f. Refund of 1-month insurance premium because construction completed early (2,060) g. Architect's fee on building 28,020 h. Cost of real estate purchased as a plant site (land $208,600 and building $50,000) 258,600 i. Commission fee paid to real estate agency 8,480 j. Installation of fences around property 3,960 k. Cost of razing and removing building 10,190 I. Proceeds from salvage of demolished building (4,840) m. Interest paid during construction on money borrowed for construction 12,880 n. Cost of parking lots and driveways 18,540 O. Cost of trees and shrubbery planted (permanent in nature) 13,540 p. Excavation costs for new building 3,100 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.) Item Land a. b. C. d. e. f. g. h. i. j. k. I. m. n. O. p. eTextbook and Media Land Improvements Building $
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
Section: Chapter Questions
Problem 7.1.1P
Related questions
Question
Please help, give me a detailed answer to this. There is one more column on the far right that says "Other accounts"
Transcribed Image Text:View Policies
Current Attempt in Progress
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)
$(280,800)
b.
Payment for construction from note proceeds
280,800
C.
Cost of land fill and clearing
12,020
d.
Delinquent real estate taxes on property assumed by purchaser
7,470
e.
Premium on 6-month insurance policy during construction
12,360
f.
Refund of 1-month insurance premium because construction completed early
(2,060)
g.
Architect's fee on building
28,020
h.
Cost of real estate purchased as a plant site (land $208,600 and building $50,000)
258,600
i.
Commission fee paid to real estate agency
8,480
j.
Installation of fences around property
3,960
k.
Cost of razing and removing building
10,190
I.
Proceeds from salvage of demolished building
(4,840)
m.
Interest paid during construction on money borrowed for construction
12,880
n.
Cost of parking lots and driveways
18,540
O.
Cost of trees and shrubbery planted (permanent in nature)
13,540
p.
Excavation costs for new building
3,100
Transcribed Image Text: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.)
Item
Land
a.
b.
C.
d.
e.
f.
g.
h.
i.
j.
k.
I.
m.
n.
O.
p.
eTextbook and Media
Land
Improvements
Building
$
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