None Question 27 View Policies Current Attempt in Progress Crane Company is constructing abuilding. Construction began in 2020 and the building was completed 12/31/20. Cranemade payments to the construction company of $3060000 on 7/1, $6348000 on 9/1, and $5810000 on 12/31. Weighted average accumulated expenditures were $3646000. $15218000. $9408000. $3117000.Crane Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.Debit1.Excavation costs for new building$26,0002.Architect's fees on building plans36.0003.Full payment to building contractor643.0004.5.Cost of realestate purchased as a plant site. The property includes a building which will be demolished to prepare the property for building a new plant.Cost of parking lots and driveways283,00032,0006.Accrued real estate taxes paid at time of purchase of land3,4707.Installation cost of fences around property7,1008.Cost of demolishing building to make land suitable for construction of new building34,0009.Real estate taxes paid for the current year on land6,700$1,071,270Credit$12,30010.Proceeds from salvage of demolished building

Weighted average means refers to a method of calculating an average where different values are given…

Question 27 View Policies Current Attempt in Progress Crane Company is constructing a building. Construction began in 2020 and the building was completed 12/31/20. Crane made payments to the construction company of $3060000 on 7/1, $6348000 on 9/1, and $ 5810000 on 12/31. Weighted average accumulated expenditures were $3646000. $ 15218000. $9408000. $3117000.

Question 27 View Policies Current Attempt in Progress Crane Company is constructing a building. Construction began in 2020 and the building was completed 12/31/20. Crane made payments to the construction company of $3060000 on 7/1, $6348000 on 9/1, and $ 5810000 on 12/31. Weighted average accumulated expenditures were $3646000. $ 15218000. $9408000. $3117000.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 11P

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