On January 1, 2019 Crampton Company acquired land on which to construct a new distribution warehouse. During 2019, the company made expenditures as follows: 1. Contract price of the land $600,000 2. Closing costs $23,000 3. Hoerr Excavating for clearing and grading $65,000 4. Sparks Concrete Construction for sidewalk and parking lot $158,500 5. Touchstone Lighting for parking lot lighting $21,500 6. J Hacker and Associates, Architects $71,000 7. Town of Normal for building permits $9,500 8. Lewis General Contractors $4,100,000 9. Crampton also purchased $1,450,000 of warehousing equipment and conveyors. The entire facility was placed in service before December 31, 2019. Prepare Crampton Company's PPE section of their balance sheet dated December 31, 2019 before the adjusting entries for depreciation
On January 1, 2019 Crampton Company acquired land on which to construct a new distribution warehouse. During 2019, the company made expenditures as follows: 1. Contract price of the land $600,000 2. Closing costs $23,000 3. Hoerr Excavating for clearing and grading $65,000 4. Sparks Concrete Construction for sidewalk and parking lot $158,500 5. Touchstone Lighting for parking lot lighting $21,500 6. J Hacker and Associates, Architects $71,000 7. Town of Normal for building permits $9,500 8. Lewis General Contractors $4,100,000 9. Crampton also purchased $1,450,000 of warehousing equipment and conveyors. The entire facility was placed in service before December 31, 2019. Prepare Crampton Company's PPE section of their balance sheet dated December 31, 2019 before the adjusting entries for depreciation
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 40P
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