Please do not give image format solve fast answering Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment. Assume the benefits ofcapitalizing interest during construction exceed the cost of implementation. Indicate how any costs not debited to these accountsshould be recorded. (Please leave spaces blank if there is no answer. Do not enter zeros in those spaces)Abstract feesArchitect'sfeesCash paid forland and oldbuildingRemoval of oldbuildingInterest onloans duringconstructionExcavationbeforeconstructionMachinerypurchasedFreight onmachineryStoragechargescaused bynoncompletionof buildingMachinerypurchasedShow Transcribed TextFreight onmachineryStoragechargescaused bynoncompletionof buildingNew buildingAssessment bycityHaulingchargesmachineryInstallation-machinery$Landscaping$LandI$3Buildings.Ć$Machinery and Equipment$000000TOTE$Other Nash Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and toMachinery and Equipment.Abstract company's fee for title searchArchitect's feesCash paid for land and dilapidated building thereonRemoval of old buildingLess: SalvageInterest on short-term loans during constructionExcavation before construction for basementMachinery purchased (subject to 2% cash discount, which was not taken)Freight on machinery purchasedStorage charges on machinery, necessitated by noncompletion ofbuilding when machinery was deliveredNew building constructed (building construction took 6 months fromdate of purchase of land and old building)Assessment by city for drainage projectHauling charges for delivery of machinery from storage to new buildingInstallation of machineryTrees, shrubs, and other landscaping after completion of building(permanent in nature)$22,0006,050$5723,48795,70015,9508,14020,90060,5001,4742,398533,5001,7606822,2005,940

Long term assets are those assets are those assets which is used for a long time or more than one…

Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment. Assume the benefits of capitalizing interest during construction exceed the cost of implementation. Indicate how any costs not debited to these accounts should be recorded. (Please leave spaces blank if there is no answer. Do not enter zeros in those spaces) Abstract fees Architect's fees Cash paid for Land Buildings Machinery and Equipment $ Other

Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment. Assume the benefits of capitalizing interest during construction exceed the cost of implementation. Indicate how any costs not debited to these accounts should be recorded. (Please leave spaces blank if there is no answer. Do not enter zeros in those spaces) Abstract fees Architect's fees Cash paid for Land Buildings Machinery and Equipment $ Other

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 55P

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