Pina Colada Corp. was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Item 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Excavation costs for new building Architect's fees on building plans Full payment to building contractor Cost of real estate purchased as a plant site (land $238,000 and building $28,000) Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of land Installation cost of fences around property Cost of demolishing building to make land suitable for construction of new building Real estate taxes paid for the current year on land Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g.-15,000 or parenthesis, e.g. (15,000).) Proceeds from salvage of demolished building $ $ Debit Land $ Credit $ Buildings $23,000 34,000 675,000 266,000 Other Accounts 30,000 3,010 7,200 29,000 6,700 $1,073,910 $11,000 Land Improvements Land Improvements Property Tax Expense
Pina Colada Corp. was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Item 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Excavation costs for new building Architect's fees on building plans Full payment to building contractor Cost of real estate purchased as a plant site (land $238,000 and building $28,000) Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of land Installation cost of fences around property Cost of demolishing building to make land suitable for construction of new building Real estate taxes paid for the current year on land Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g.-15,000 or parenthesis, e.g. (15,000).) Proceeds from salvage of demolished building $ $ Debit Land $ Credit $ Buildings $23,000 34,000 675,000 266,000 Other Accounts 30,000 3,010 7,200 29,000 6,700 $1,073,910 $11,000 Land Improvements Land Improvements Property Tax Expense
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets
Section19.4: Disposing Of Plant Assets
Problem 1WT
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Transcribed Image Text:Pina Colada Corp. was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts
were recorded in random order.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Item
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Excavation costs for new building
Architect's fees on building plans
Full payment to building contractor
Cost of real estate purchased as a plant site (land $238,000 and building $28,000)
Cost of parking lots and driveways
Accrued real estate taxes paid at time of purchase of land
Installation cost of fences around property
Cost of demolishing building to make land suitable for construction of new building
Real estate taxes paid for the current year on land
Proceeds from salvage of demolished building
Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. For amounts in the
Other Accounts column, also indicate the account title. (If an amount reduces the account balance then enter with a negative sign preceding
the number, e.g.-15,000 or parenthesis, e.g. (15,000).)
$
$
Debit
Land
$
Credit
$
Buildings
$
$23,000
34,000
Other Accounts
675,000
266,000
30,000
3,010
7,200
29,000
6,700
$1,073,910
$11,000
Land Improvements
Land Improvements
Property Tax Expense
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