Marigold Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Item 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Cost of filling and grading the land Full payment to building contractor Real estate taxes paid for the current year on land Cost of real estate purchased as a plant site (land $111,500 and building $44,000) Excavation costs for new building Architect's fees on building plans Accrued real estate taxes paid at time of purchase of land Cost of parking lots and driveways Cost of demolishing building to make land suitable for construction of new building Credit Proceeds from salvage of demolished building Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g. -15,000 or parenthesis, e.g. (15,000).) $ $ Debit Land $ $ Buildings $ 4,500 $ 692,000 5,500 155,500 30,000 13,000 Other Accounts 1,000 13,000 24,000 $938,500 $ 3,500

Marigold Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Item 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Cost of filling and grading the land Full payment to building contractor Real estate taxes paid for the current year on land Cost of real estate purchased as a plant site (land $111,500 and building $44,000) Excavation costs for new building Architect's fees on building plans Accrued real estate taxes paid at time of purchase of land Cost of parking lots and driveways Cost of demolishing building to make land suitable for construction of new building Credit Proceeds from salvage of demolished building Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g. -15,000 or parenthesis, e.g. (15,000).) $ $ Debit Land $ $ Buildings $ 4,500 $ 692,000 5,500 155,500 30,000 13,000 Other Accounts 1,000 13,000 24,000 $938,500 $ 3,500

Name: Marigold Company was organized on January 1. During the first year of
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Description: Marigold Company was organized on January 1. During the first year of operations, the following plant asset expenditures andreceipts were recorded in random order.1.2.3.4.5.6.7.8.9.10.Item1.2.3.4.5.6.7.8.9.10.Cost of filling and grading the landFull

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.4: Disposing Of Plant Assets

Problem 1WT

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