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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) Payment for construction from note proceeds Cost of land fill and clearing Delinquent real estate taxes on property assumed by purchaser Premium on 6-month insurance policy during construction Refund of 1-month insurance premium because construction completed early Architect's fee on building Cost of real estate purchased as a plant site (land $200,200 and building $53,200) Commission fee paid to real estate agency b. C. d. e. f. g. h. i. j. k. L m. n. O. P. Item b. C d. Installation of fences around property Cost of razing and removing building Proceeds from salvage of demolished building Interest paid during construction on money borrowed for construction Cost of parking lots and driveways ✔ Cost of trees and shrubbery planted (permanent in nature) Excavation costs for new building Land $(288,700) 288,700 Land Improvements 11,140 7,880 9,240 (1,540) 27,540 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.) 253,400 9,380 3,920 10,010 (4,600) 12,460 20,300 15,200 2,810 Building

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) Payment for construction from note proceeds Cost of land fill and clearing Delinquent real estate taxes on property assumed by purchaser Premium on 6-month insurance policy during construction Refund of 1-month insurance premium because construction completed early Architect's fee on building Cost of real estate purchased as a plant site (land $200,200 and building $53,200) Commission fee paid to real estate agency b. C. d. e. f. g. h. i. j. k. L m. n. O. P. Item b. C d. Installation of fences around property Cost of razing and removing building Proceeds from salvage of demolished building Interest paid during construction on money borrowed for construction Cost of parking lots and driveways ✔ Cost of trees and shrubbery planted (permanent in nature) Excavation costs for new building Land $(288,700) 288,700 Land Improvements 11,140 7,880 9,240 (1,540) 27,540 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.) 253,400 9,380 3,920 10,010 (4,600) 12,460 20,300 15,200 2,810 Building

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Long-term Assets: Fixed And Intangible
Section: Chapter Questions
Problem 1PA: The following payments and receipts are related to land, land improvements, and buildings acquired...
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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. b. C. d. e. f. g- h. i. j. k. 1. m. n. O. P. Item a. b. C. d. e. f. g h. i. j. 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.) k. I. m. n. 0. Money borrowed to pay building contractor (signed a note) Payment for construction from note proceeds p. Cost of land fill and clearing Delinquent real estate taxes on property assumed by purchaser Premium on 6-month insurance policy during construction Refund of 1-month insurance premium because construction completed early Architect's fee on building Cost of real estate purchased as a plant site (land $200,200 and building $53,200) Commission fee paid to real estate agency Installation of fences around property Cost of razing and removing building Proceeds from salvage of demolished building Interest paid during construction on money borrowed for construction Cost of parking lots and driveways Cost of trees and shrubbery planted (permanent in nature) Excavation costs for new building Land i i Land Improvements $(288,700) $ 288,700 11,140 7,880 9,240 (1,540) 27,540 253,400 9,380 3,920 10,010 (4,600) 12,460 20,300 15,200 2,810 Building
Transcribed Image Text: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. b. C. d. e. f. g- h. i. j. k. 1. m. n. O. P. Item a. b. C. d. e. f. g h. i. j. 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.) k. I. m. n. 0. Money borrowed to pay building contractor (signed a note) Payment for construction from note proceeds p. Cost of land fill and clearing Delinquent real estate taxes on property assumed by purchaser Premium on 6-month insurance policy during construction Refund of 1-month insurance premium because construction completed early Architect's fee on building Cost of real estate purchased as a plant site (land $200,200 and building $53,200) Commission fee paid to real estate agency Installation of fences around property Cost of razing and removing building Proceeds from salvage of demolished building Interest paid during construction on money borrowed for construction Cost of parking lots and driveways Cost of trees and shrubbery planted (permanent in nature) Excavation costs for new building Land i i Land Improvements $(288,700) $ 288,700 11,140 7,880 9,240 (1,540) 27,540 253,400 9,380 3,920 10,010 (4,600) 12,460 20,300 15,200 2,810 Building
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