Question

Problems: Set A 19.1A (LOI), Peete Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Determine acquisition costs of land and building S23000 33.000 640,000 Debit 1. Excavation costs for new building 2. Architect's fees on building plans 3. Full payment to building contractor 4. Cost of real estate purchased as a plant site (land $255,000 and building $25.000) 5. Cost of parking lots and driveways 6. Accrued real estate taxes paid at time of purchase of land 7. Installation cost of fences around property 8. Cost of demolishing building to make land suitable for construction of new building 9. Real estate taxes paid for the current year on land 280,000 29.000 2170 6,800 11.00 6,400 S1052 170 Credit 10. Proceeds from salvage of demolished building $ 12.000 Instructions Analyze the transactions using the following table column headings. Enter the number of each transac tion in the Item column, and enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. Item Land Buildings Other Accounts Land $302,170

Answer 1

Answer-

Items	Land	Buildings	Other accounts
Excavation cost for new building		$23,000
Architect fees for building plans		33,000
Full payment to Building contractor		640,000
Cost of Real estate purchased as a plant site	280,000
Cost of parking lots and driveways			29,000
Accrued real estate taxes paid	3,170
Installation cost of fences			6,800
Cost of demolishing building	31,000
Real estate paid for the current year			6,400
Less: proceeds from salvage of demolished building	-12,000
Total	$302,170	$696,000	$42,200

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