Please do not cheat the answer from other site like chegg, There the answer is wrongI need your own answer,Please help 1. Daytona Freight Inc, near an airport, incurred the following costs to acquire land, make land improvements, and construct and fiarnish a small buildingThe chart is as follows.Purchase price of three acres of landb. Delinquent real estate taxes on the land to be paid by Daytona Freisht Incc. Additional dirt and earthmoingd. Title insurance on the land acquisitione. Fence around the boundary of the propertyBuilding permit for the buildingg Architect's fee for the design of the buildingh Signs near the front of the propertyS80,000$6,300$9,000PLEASE SHOW ALL EXCEL FORMULAS$3,200$9,600$1,000$20,700$9,300Materials used to construct the building. Labor to construct the buildingk. Interest cost on construction loan for the building1 Parking lots on the propertym. Lights for the parking lots$215,000$175,000$9,400$28,500$11,200Activate Vj. Labor to construct the buildingk. Interest cost on construction loan for the building1. Parking lots on the propertym. Lights for the parking lots|$175,000$9,400$28,500$11,200n. Salary of construction supervisor (80% to building; 20% to parking lot and concrete walks)$50,000o. Furniturep. Transportation of furniture from seller to the buildingq. Additional fencing$11,200$2,200$6,600Daytona Freight Inc 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.RequirementsSet up columns for Land, Land Improvements, Building, and Furniture. Show how to account for each cost1by listing the cost under the correct account. Determine the total cost of each asset.

Here discuss about the details of cost which are associated with land, land improvements, building…

n. Salary of construction supervisor (80% to building; 20% to parking lot and concrete walks) $50,000 o. Furniture p. Transportation of furniture from seller to the building a Additional fencing $11,200 $2.200 $6,600 Daytona Freight Inc 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. Requirements Set up columns for Land, Land Improvements, Building, and Furniture. Show how to account for each cost 1 by listing the cost under the correct account. Determine the total cost of each asset.

n. Salary of construction supervisor (80% to building; 20% to parking lot and concrete walks) $50,000 o. Furniture p. Transportation of furniture from seller to the building a Additional fencing $11,200 $2.200 $6,600 Daytona Freight Inc 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. Requirements Set up columns for Land, Land Improvements, Building, and Furniture. Show how to account for each cost 1 by listing the cost under the correct account. Determine the total cost of each asset.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 3PA: During the current year, Alanna Co. had the following transactions pertaining to its new office...

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During the current year, Alanna Co. had the following transactions pertaining to its new office building. A. What should Alanna Co. record on its books for the land? The total cost of land includes all costs of preparing the land for use. The demolition cost of the old building is added to the land costs, and the sale of the old building scrap is subtracted from the land cost. B. What should Alanna Co. record on its books for the building?
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