Carla Vista Co. was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Debit 1.   Excavation costs for new building   $13,280 2.   Architect’s fees on building plans   37,130 3.   Full payment to building contractor   653,200 4.   Cost of real estate purchased as a plant site (land $256,000 and building $25,800)   281,800 5.   Cost of parking lots and driveways   34,020 6.   Accrued real estate taxes paid at time of purchase of real estate   2,520 7.   Installation cost of fences around property   7,680 8.   Cost of demolishing building to make land suitable for construction of new building   33,200 9.   Real estate taxes paid for the current year on land   7,190         $1,070,020           Credit 10.   Proceeds from salvage of demolished building   $ 12,400 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 fall into the Land and Buildings column then enter "Not Applicable" in the account title column. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)             Other Accounts Item   Land   Building   Amounts Account Title 1   $enter a dollar amount     $enter a dollar amount     $enter a dollar amount   choose an account title  Property Tax ExpensePrepaid InsuranceLicense ExpenseNot ApplicableLand Improvements 2   enter a dollar amount     enter a dollar amount     enter a dollar amount   choose an account title  Prepaid InsuranceLand ImprovementsProperty Tax ExpenseLicense ExpenseNot Applicable 3   enter a dollar amount     enter a dollar amount     enter a dollar amount   choose an account title  Prepaid InsuranceLicense ExpenseProperty Tax ExpenseNot ApplicableLand Improvements 4   enter a dollar amount     enter a dollar amount     enter a dollar amount   choose an account title  Property Tax ExpensePrepaid InsuranceNot ApplicableLicense ExpenseLand Improvements 5   enter a dollar amount     enter a dollar amount     enter a dollar amount   choose an account title  Property Tax ExpensePrepaid InsuranceLicense ExpenseLand ImprovementsNot Applicable 6   enter a dollar amount     enter a dollar amount     enter a dollar amount   choose an account title  Land ImprovementsLicense ExpenseNot ApplicableProperty Tax ExpensePrepaid Insurance 7   enter a dollar amount     enter a dollar amount     enter a dollar amount   choose an account title  Land ImprovementsNot ApplicableProperty Tax ExpensePrepaid InsuranceLicense Expense 8   enter a dollar amount     enter a dollar amount     enter a dollar amount   choose an account title  License ExpenseNot ApplicableLand ImprovementsProperty Tax ExpensePrepaid Insurance 9   enter a dollar amount     enter a dollar amount     enter a dollar amount   choose an account title  License ExpenseNot ApplicableLand ImprovementsProperty Tax ExpensePrepaid Insurance 10   enter a dollar amount     enter a dollar amount     enter a dollar amount   choose an account title  Prepaid InsuranceLicense ExpenseLand ImprovementsNot ApplicableProperty Tax Expense     $enter a total for the land column     $enter a total for the building column

Question

Carla Vista Co. was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.

Debit
1.   Excavation costs for new building  
$13,280
2.   Architect’s fees on building plans  
37,130
3.   Full payment to building contractor  
653,200
4.   Cost of real estate purchased as a plant site (land $256,000 and building $25,800)  
281,800
5.   Cost of parking lots and driveways  
34,020
6.   Accrued real estate taxes paid at time of purchase of real estate  
2,520
7.   Installation cost of fences around property  
7,680
8.   Cost of demolishing building to make land suitable for construction of new building  
33,200
9.   Real estate taxes paid for the current year on land  
7,190
       
$1,070,020
         
Credit
10.   Proceeds from salvage of demolished building  
$ 12,400


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 fall into the Land and Buildings column then enter "Not Applicable" in the account title column. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

           
Other Accounts
Item
 
Land
 
Building
 
Amounts
Account Title
1
 
$enter a dollar amount
 
 
$enter a dollar amount
 
 
$enter a dollar amount
 
choose an account title
 Property Tax ExpensePrepaid InsuranceLicense ExpenseNot ApplicableLand Improvements
2
 
enter a dollar amount
 
 
enter a dollar amount
 
 
enter a dollar amount
 
choose an account title
 Prepaid InsuranceLand ImprovementsProperty Tax ExpenseLicense ExpenseNot Applicable
3
 
enter a dollar amount
 
 
enter a dollar amount
 
 
enter a dollar amount
 
choose an account title
 Prepaid InsuranceLicense ExpenseProperty Tax ExpenseNot ApplicableLand Improvements
4
 
enter a dollar amount
 
 
enter a dollar amount
 
 
enter a dollar amount
 
choose an account title
 Property Tax ExpensePrepaid InsuranceNot ApplicableLicense ExpenseLand Improvements
5
 
enter a dollar amount
 
 
enter a dollar amount
 
 
enter a dollar amount
 
choose an account title
 Property Tax ExpensePrepaid InsuranceLicense ExpenseLand ImprovementsNot Applicable
6
 
enter a dollar amount
 
 
enter a dollar amount
 
 
enter a dollar amount
 
choose an account title
 Land ImprovementsLicense ExpenseNot ApplicableProperty Tax ExpensePrepaid Insurance
7
 
enter a dollar amount
 
 
enter a dollar amount
 
 
enter a dollar amount
 
choose an account title
 Land ImprovementsNot ApplicableProperty Tax ExpensePrepaid InsuranceLicense Expense
8
 
enter a dollar amount
 
 
enter a dollar amount
 
 
enter a dollar amount
 
choose an account title
 License ExpenseNot ApplicableLand ImprovementsProperty Tax ExpensePrepaid Insurance
9
 
enter a dollar amount
 
 
enter a dollar amount
 
 
enter a dollar amount
 
choose an account title
 License ExpenseNot ApplicableLand ImprovementsProperty Tax ExpensePrepaid Insurance
10
 
enter a dollar amount
 
 
enter a dollar amount
 
 
enter a dollar amount
 
choose an account title
 Prepaid InsuranceLicense ExpenseLand ImprovementsNot ApplicableProperty Tax Expense
   
$enter a total for the land column
 
 
$enter a total for the building column
 
   

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