Which of the following account titles should the following expenditure be debited: Paid $7,000 of accrued taxes at the time the plant site was acquired? a. Land Improvements b. Land c. Prepaid Insurance d. License Expense

Allocating payments and receipts to fixed asset accountsThe following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. A.  Fee paid to attorney for title search..............  $2,500 B.  Cost of real estate acquired as a plant site: Land  285,000 C.  Delonquent real estate taxes on property, assumed by purchaser...... 15,500 D.  Cost of razing and removing building acquired in B......... 5,000   E.  Proceeds from sale of salvage materials from old building........  4,000*  F.  Special assessment paid to city for extension of water main to the property......  29,000 G.  Architect's and engineer's fees for plans and supervision........ 60,000 H.  Premium on one-year insurance policy during construction.....  6,000 I.  Cost of filling and grading land............. 12,000 J.  Money borrowed to pay building contactor.......  900,000*  K.  Cost of…

The debit sale for sales tax paid on the purchase of a plant asset would be included in  a. The plant asset account b. A separate deferred charge account c. Miscellaneous tax expense d. Accumulated depreciation-machinery

Assume a company pays delinquent property taxes totaling $3,000 as part of a new land purchase. The journal entry to record this payment should include a credit to “Cash” and a debit to: Land Property Taxes Payable Property Tax Expense Accumulated Depreciation Loss on Purchase of Property

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Calculate the assessed value (in $) and the property tax due (in $) on the property. Fair MarketValue AssessmentRate AssessedValue PropertyTax Rate PropertyTax Due $304,000 80 $   $25.40 per $1,000 $

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. d. e b C f R m h L J k L n 0. p. 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 $201.700 and building $54,400) 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)…

Exercises E9.1 (LO 1), AP Writing The following expenditures relating to plant assets were made by Glenn Company during the first 2 months of 2022. Determine cost of plant acquisitions. 1. Paid $7,000 of accrued taxes at the time the plant site was acquired. 2. Paid $200 insurance to cover a possible accident loss on new factory machinery while the machinery was in transit. 3. Paid $850 sales taxes on a new delivery truck. 4. Paid $21,000 for parking lots and driveways on the new plant site. 5. Paid $250 to have the company name and slogan painted on the new delivery truck. 6. Paid $8,000 for installation of new factory machinery. 7. Paid $900 for a 2-year accident insurance policy on the new delivery truck. 8. Paid $75 motor vehicle license fee on the new truck.

where did you get $1150/12 for the depreciaition expense

7. Which of the following statements is true regarding capitalization of interest? A) The minimum amount of interest to be capitalized is determined by multiplying a weighted average interest rate by the amount of average accumulated expenditures on qualifying assets during the period B) Interest cost capitalized in connection with the purchase of land to be used as a building site should be debited to the land account and not to the building account. C) The amount of interest cost capitalized during the period should not exceed the actual interest cost incurred. D) When excess borrowed funds not immediately needed for construction are temporarily invested, any interest earned should be offset against interest cost incurred when determining the amount of interest cost to be capitalized.