Classification of item under the head land land improvement building and other accounts will be done as under.
s101(LO 1) (Acquisition Costs of Realty) The following expenditures and receipts are related o land, land...
F10.1 (LO 1) (Acquisition Costs of Realty) The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. a. Money borrowed to pay building contractor (signed a note) $(275,000) b. Payment for construction from note proceeds 275,000 c. Cost of land fill and clearing 8,000 d. Delinquent real estate taxes on property assumed by purchaser 7,000 e. Premium on 6-month insurance policy during construction 6,000...
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) (b) (c) (d) (e) () () (h) Money borrowed to pay building contractor (signed a note) Payment for construction from note proceeds Cost of land fill and clearing Delinquent real estate taxes on property assumed by purchaser Premium on 6-month insurance policy during construction Refund of 1-month insurance premium because construction completed early...
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(292,600) (b) Payment for construction from note proceeds 292,600 Cost of land fill and clearing 11,790 Delinquent real estate taxes on property assumed by purchaser 7,630 Premium on 6-month insurance policy during construction 11,040 Refund of 1-month insurance premium because construction completed early (1,840)...
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(288,800) 2 T Payment for construction from note proceeds 288,800 10,420 (c) Cost of land fill and clearing Delinquent real estate taxes on property assumed by purchaser 8,950 a (e) Premium on 6-month insurance policy during construction 7,200 Refund of 1-month insurance premium because...
The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(276,900 ) (b) Payment for construction from note proceeds 276,900 (c) Cost of land fill and clearing 10,340 (d) Delinquent real estate taxes on property assumed by purchaser 7,530 (e) Premium on 6-month insurance policy during construction 10,980 (f) Refund of 1-month insurance premium...
Exercise 10-1 The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(290,100 ) (b) Payment for construction from note proceeds 290,100 (c) Cost of land fill and clearing 10,580 (d) Delinquent real estate taxes on property assumed by purchaser 7,410 (e) Premium on 6-month insurance policy during construction 12,240 (f) Refund of 1-month...
Exercise 10-1 The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(289,100 ) (b) Payment for construction from note proceeds 289,100 (c) Cost of land fill and clearing 11,860 (d) Delinquent real estate taxes on property assumed by purchaser 7,990 (e) Premium on 6-month insurance policy during construction 9,480 (f) Refund of 1-month...
Exercise 10-1 Your answer is partially correct. Try again The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses (a) Money borrowed to pay building contractor (signed a note) (b)Payment for construction from note proceeds (c) Cost of land fill and clearing (d) Delinquent real estate taxes on property assumed by purchaser (e) Premium on 6-month insurance policy during construction (f) Refund of 1-month...
Exercises 533 EXERCISES provence 0-1 (201) (Acquis buildings acquired (a) Money borrowed ( Payment for Cost of land fill and clearing Acquisition C0515 Realty! The following expenditures and receipts are related to land, land red for use in a business enterprise. The receipts are enclosed in parentheses. orrowed to pay building contractor (signed a note) S(275,000) ent for construction from note proceeds 275,000 8,000 ent real estate taxes on property assumed by purchaser 7,000 um on 6-month insurance policy during...
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(286,200 ) (b) Payment for construction from note proceeds 286,200 (c) Cost of land fill and clearing 11,120 (d) Delinquent real estate taxes on property assumed by purchaser 9,070 (e) Premium on 6-month insurance policy during construction 10,020 (f) Refund of 1-month insurance premium...