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Required rom the given data, calculate the proper balances for the Land, Building, and Land Improvements accounts of Norma Company. Land Building Land Improvements $ $ $ 0 0 0

Required rom the given data, calculate the proper balances for the Land, Building, and Land Improvements accounts of Norma Company. Land Building Land Improvements $ $ $ 0 0 0

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter10: Long-lived Tangible And Intangible Assets
Section: Chapter Questions
Problem 13E
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Acquisition Cost of Long-Lived Assets The following items represent expenditures (or receipts) related to the construction of a new home office for Norma Company. Cost of land site (which included an old apartment building appraised at 75,000). Legal fees, including fee for title search Payment of apartment building mortgage and related interest due at time of sale Payment for delinquent property taxes assumed by the purchaser Cost of razing the apartment building Proceeds from sale of salvaged materials Grading to establish proper drainage flow on land site Architect's fees on new building Proceeds from sales of excess dirt (from basement excavation) to owner of adjoining property (dirt was used to fill in a low area on property) Payment to building contractor Payment of medical bills of employee accidentally injured while inspecting building construction Special assessment for paving city sidewalks (paid to city) Cost of paving driveway and parking lot Cost of installing lights in parking lot Premium for insurance on building during construction Cost of open house party to celebrate opening of new building Check $180,000 2,100 9,300 6,000 19,000 0 0 0 (3,800) 2,100 310,000 (2,000) 5,000,000 Required From the given data, calculate the proper balances for the Land, Building, and Land Improvements accounts of Norma Company. Land $ Building $ Land Improvements $ 1,600 20,000 30,000 9,500 7,800 10,000
Transcribed Image Text:Acquisition Cost of Long-Lived Assets The following items represent expenditures (or receipts) related to the construction of a new home office for Norma Company. Cost of land site (which included an old apartment building appraised at 75,000). Legal fees, including fee for title search Payment of apartment building mortgage and related interest due at time of sale Payment for delinquent property taxes assumed by the purchaser Cost of razing the apartment building Proceeds from sale of salvaged materials Grading to establish proper drainage flow on land site Architect's fees on new building Proceeds from sales of excess dirt (from basement excavation) to owner of adjoining property (dirt was used to fill in a low area on property) Payment to building contractor Payment of medical bills of employee accidentally injured while inspecting building construction Special assessment for paving city sidewalks (paid to city) Cost of paving driveway and parking lot Cost of installing lights in parking lot Premium for insurance on building during construction Cost of open house party to celebrate opening of new building Check $180,000 2,100 9,300 6,000 19,000 0 0 0 (3,800) 2,100 310,000 (2,000) 5,000,000 Required From the given data, calculate the proper balances for the Land, Building, and Land Improvements accounts of Norma Company. Land $ Building $ Land Improvements $ 1,600 20,000 30,000 9,500 7,800 10,000
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