Question

Sunland Company was organized on January 1. During the first year of operations, the following plant...

Sunland Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.

Debit

1. Excavation costs for new building

$20,000

2. Architect’s fees on building plans

30,000

3. Full payment to building contractor

637,000

4. Cost of real estate purchased as a plant site (land $252,000 and building $25,000)

277,000

5. Cost of parking lots and driveways

26,000

6. Accrued real estate taxes paid at time of purchase of land

2,870

7. Installation cost of fences around property

6,500

8. Cost of demolishing building to make land suitable for construction of new building

28,000

9. Real estate taxes paid for the current year on land

6,100

$1,033,470

Credit

10. Proceeds from salvage of demolished building

$ 11,700


Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. (If an amount falls into either the Land or Buildings column, enter "Not Applicable" in the account title column. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Other Accounts

Item

Land

Building

Amounts

Account Title

1

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

choose an account title

2

enter a dollar amount

enter a dollar amount

enter a dollar amount

choose an account title

3

enter a dollar amount

enter a dollar amount

enter a dollar amount

choose an account title

4

enter a dollar amount

enter a dollar amount

enter a dollar amount

choose an account title

5

enter a dollar amount

enter a dollar amount

enter a dollar amount

choose an account title

6

enter a dollar amount

enter a dollar amount

enter a dollar amount

choose an account title

7

enter a dollar amount

enter a dollar amount

enter a dollar amount

choose an account title

8

enter a dollar amount

enter a dollar amount

enter a dollar amount

choose an account title

9

enter a dollar amount

enter a dollar amount

enter a dollar amount

choose an account title

10

enter a dollar amount

enter a dollar amount

enter a dollar amount

choose an account title

$enter a total for the land column

$enter a total for the building column

0 0
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Answer #1
Other accounts
item Land Buildings Amounts Account titles
1 20,000
2 30,000
3 637,000
4 277,000
5 26,000 Land improvements
6 2,870
7 6,500 Land iprovements
8 28,000
9 6,100 propety tax
10 -11,700
296170 687,000
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