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.Debit1. Excavation costs for new building $13,2802. Architect’s fees on building plans 37,1303. Full payment to building contractor 653,2004. Cost of real estate purchased as a plant site (land $256,000 and building $25,800) 281,8005. Cost of parking lots and driveways 34,0206. Accrued real estate taxes paid at time of purchase of real estate 2,5207. Installation cost of fences around property 7,6808. Cost of demolishing building to make land suitable for construction of new building 33,2009. Real estate taxes paid for the current year on land 7,190    $1,070,020     Credit10. Proceeds from salvage of demolished building $ 12,400Analyze 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 AccountsItem Land Building AmountsAccount Title1 $enter a dollar amount  $enter a dollar amount  $enter a dollar amount choose an account title Property Tax ExpensePrepaid InsuranceLicense ExpenseNot ApplicableLand Improvements2 enter a dollar amount  enter a dollar amount  enter a dollar amount choose an account title Prepaid InsuranceLand ImprovementsProperty Tax ExpenseLicense ExpenseNot Applicable3 enter a dollar amount  enter a dollar amount  enter a dollar amount choose an account title Prepaid InsuranceLicense ExpenseProperty Tax ExpenseNot ApplicableLand Improvements4 enter a dollar amount  enter a dollar amount  enter a dollar amount choose an account title Property Tax ExpensePrepaid InsuranceNot ApplicableLicense ExpenseLand Improvements5 enter a dollar amount  enter a dollar amount  enter a dollar amount choose an account title Property Tax ExpensePrepaid InsuranceLicense ExpenseLand ImprovementsNot Applicable6 enter a dollar amount  enter a dollar amount  enter a dollar amount choose an account title Land ImprovementsLicense ExpenseNot ApplicableProperty Tax ExpensePrepaid Insurance7 enter a dollar amount  enter a dollar amount  enter a dollar amount choose an account title Land ImprovementsNot ApplicableProperty Tax ExpensePrepaid InsuranceLicense Expense8 enter a dollar amount  enter a dollar amount  enter a dollar amount choose an account title License ExpenseNot ApplicableLand ImprovementsProperty Tax ExpensePrepaid Insurance9 enter a dollar amount  enter a dollar amount  enter a dollar amount choose an account title License ExpenseNot ApplicableLand ImprovementsProperty Tax ExpensePrepaid Insurance10 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
Asked Apr 12, 2019
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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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Expert Answer

Step 1

Plant assets: The assets which are used to generate revenue for the business operations for more than a year are referred to as plant assets or long-term operational assets.

Step 2

Analysis of the tr...

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