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) $(290,400)(b) Payment for construction from note proceeds 290,400 (c) Cost of land fill and clearing 11,780 (d) Delinquent real estate taxes on property assumed by purchaser 7,360 (e) Premium on 6-month insurance policy during construction 11,340 (f) Refund of 1-month insurance premium because construction completed early (1,890)(g) Architect’s fee on building 25,930 (h) Cost of real estate purchased as a plant site (land $207,300 and building $57,700) 265,000 (i) Commission fee paid to real estate agency 9,860 (j) Installation of fences around property 3,860 (k) Cost of razing and removing building 10,800 (l) Proceeds from salvage of demolished building (4,910)(m) Interest paid during construction on money borrowed for construction 13,290 (n) Cost of parking lots and driveways 17,150 (o) Cost of trees and shrubbery planted (permanent in nature) 13,360 (p) Excavation costs for new building 2,710 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 LandImprovements Building Other Accounts(a) $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount (b) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount (c) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount (d) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount (e) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount (f) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount (g) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount (h) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount (i) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount (j) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount (k) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount (l) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount (m) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount (n) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount (o) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount (p) enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

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(a) Money borrowed to pay building contractor (signed a note) $(290,400 ) (b) Payment for construction from note proceeds 290,400 (c) Cost of land fill and clearing 11,780 (d) Delinquent real estate taxes on property assumed by purchaser 7,360 (e) Premium on 6-month insurance policy during construction 11,340 (f) Refund of 1-month insurance premium because construction completed early (1,890 ) (g) Architect’s fee on building 25,930 (h) Cost of real estate purchased as a plant site (land $207,300 and building $57,700) 265,000 (i) Commission fee paid to real estate agency 9,860 (j) Installation of fences around property 3,860 (k) Cost of razing and removing building 10,800 (l) Proceeds from salvage of demolished building (4,910 ) (m) Interest paid during construction on money borrowed for construction 13,290 (n) Cost of parking lots and driveways 17,150 (o) Cost of trees and shrubbery planted (permanent in nature) 13,360 (p) Excavation costs for new building 2,710 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.)

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 1PB

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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)	$(290,400	)
(b)	Payment for construction from note proceeds	290,400
(c)	Cost of land fill and clearing	11,780
(d)	Delinquent real estate taxes on property assumed by purchaser	7,360
(e)	Premium on 6-month insurance policy during construction	11,340
(f)	Refund of 1-month insurance premium because construction completed early	(1,890	)
(g)	Architect’s fee on building	25,930
(h)	Cost of real estate purchased as a plant site (land $207,300 and building $57,700)	265,000
(i)	Commission fee paid to real estate agency	9,860
(j)	Installation of fences around property	3,860
(k)	Cost of razing and removing building	10,800
(l)	Proceeds from salvage of demolished building	(4,910	)
(m)	Interest paid during construction on money borrowed for construction	13,290
(n)	Cost of parking lots and driveways	17,150
(o)	Cost of trees and shrubbery planted (permanent in nature)	13,360
(p)	Excavation costs for new building	2,710

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	Land Improvements	Building	Other Accounts
(a)	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount
(b)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
(c)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
(d)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
(e)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
(f)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
(g)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
(h)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
(i)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
(j)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
(k)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
(l)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
(m)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
(n)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
(o)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
(p)	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount

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