Answer all requirements ...s Drive and Fly, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a smallbuilding:(Click the icon to view the financial data.)ItemRequirement 1. Columns for Land, Land Improvements, Building, and Furniture have been set up. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset.Begin by listing each cost for items a. through i. first, followed by items j. through q. Then determine the total cost of each asset. (If a box is not used in the table, leave the box empty; do not enter a zero.)a.b.C.d.e.f.9.h.i.LandLandImprovementsRequirementsBuilding1. Columns for Land, Land Improvements, Building, and Furniture have been setup. Show how to account for each cost by listing the cost under the correctaccount. Determine the total cost of each asset.PrintFurniture2. All construction was complete and the assets were placed in service onOctober 1. Record partial-year depreciation for the year ended December 31.Round to the nearest dollar.DoneCXDrive and Fly depreciates land improvements over 15 years, buildings over 40 years, and furniture over 10 years, all on astraight-line basis with zero residual value.Read the requirements.Data tablea. Purchase price of three acres of landb. Delinquent real estate taxes on the land to be paid by Drive and Flyc. Additional dirt and earthmovingd. Title insurance on the land acquisitione. Fence around the boundary of the propertyf. Building permit for the buildingg. Architect's fee for the design of the buildingh. Signs near the front of the propertyi. Materials used to construct the building|j.Labor to construct the buildingk. Interest cost on construction loan for the buildingI. Parking lots on the propertym. Lights for the parking lotsn. Salary of construction supervisor (85% to building; 15% to parking lot andconcrete walks)o. Furniturep. Transportation of furniture from seller to the buildingq. Additional fencingPrintDone$ 88,0005,7008,0003,5009,60050020,5009,200216,000165,0009,50029,00011,50040,00011,3002,7006,700X

Capital assets are those assets which are acquired by the business for longer period of time. These…

Drive and Fly, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building: (Click the icon to view the financial data.) Requirement 1. Columns for Land, Land Improvements, Building, and Furniture have been set up. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset. Begin by listing each cost for items a. through i. first, followed by items j. through q. Then determine the total cost of each asset. (If a box is not used in the table, leave the box empty; do not enter a zero.) Item a. b. C. d. e. f 9 h. 1 Land Land Improvements Requirements Building Print Furniture 1. Columns for Land, Land Improvements, Building, and Furniture have been set up. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset. 2. All construction was complete and the assets were placed in service on October 1. Record partial-year depreciation for the year ended December 31. Round to the nearest dollar. Done - X Drive and Fly depreciates land improvements over 15 years, buildings over 40 years, and furniture over 10 years, all on a straight-line basis with zero residual value. Read the requirements. Data table. a. Purchase price of three acres of land b. Delinquent real estate taxes on the land to be paid by Drive and Fly c. Additional dirt and earthmoving d. Title insurance on the land acquisition e. Fence around the boundary of the property f. Building permit for the building g. Architect's fee for the design of the building h. Signs near the front of the property i. Materials used to construct the building j. Labor to construct the building k. Interest cost on construction loan for the building 1. Parking lots on the property m. Lights for the parking lots n. Salary of construction supervisor (85% to building; 15% to parking lot and concrete walks) o. Furniture p. Transportation of furniture from seller to the building q. Additional fencing Print Done - X $ 88,000 5,700 8,000 3,500 9,600 500 20,500 9,200 216,000 165,000 9,500 29,000 11,500 40,000 11,300 2,700 6,700

Drive and Fly, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building: (Click the icon to view the financial data.) Requirement 1. Columns for Land, Land Improvements, Building, and Furniture have been set up. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset. Begin by listing each cost for items a. through i. first, followed by items j. through q. Then determine the total cost of each asset. (If a box is not used in the table, leave the box empty; do not enter a zero.) Item a. b. C. d. e. f 9 h. 1 Land Land Improvements Requirements Building Print Furniture 1. Columns for Land, Land Improvements, Building, and Furniture have been set up. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset. 2. All construction was complete and the assets were placed in service on October 1. Record partial-year depreciation for the year ended December 31. Round to the nearest dollar. Done - X Drive and Fly depreciates land improvements over 15 years, buildings over 40 years, and furniture over 10 years, all on a straight-line basis with zero residual value. Read the requirements. Data table. a. Purchase price of three acres of land b. Delinquent real estate taxes on the land to be paid by Drive and Fly c. Additional dirt and earthmoving d. Title insurance on the land acquisition e. Fence around the boundary of the property f. Building permit for the building g. Architect's fee for the design of the building h. Signs near the front of the property i. Materials used to construct the building j. Labor to construct the building k. Interest cost on construction loan for the building 1. Parking lots on the property m. Lights for the parking lots n. Salary of construction supervisor (85% to building; 15% to parking lot and concrete walks) o. Furniture p. Transportation of furniture from seller to the building q. Additional fencing Print Done - X $ 88,000 5,700 8,000 3,500 9,600 500 20,500 9,200 216,000 165,000 9,500 29,000 11,500 40,000 11,300 2,700 6,700

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter9: Long-term Assets: Fixed And Intangible

Section: Chapter Questions

Problem 1PA

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