Question

Oriole Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. Debit Excavation costs for new building Architect's fees on building plans Full payment to building contractor Cost of real estate purchased as a plant site (land $261,000 and building $25,000) Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of land Installation cost of fences around property Cost of demolishing building to make land suitable for construction of new building Real estate taxes paid for the current year on land 5. 6. 7. 8. 9. $29,000 39,000 646,000 286,000 35,000 3,770 7,400 37,000 7,000 $1,090,170 Credit 10. Proceeds from salvage of demolished building $ 12,600 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 eg.-45 or parentheses e.g. (45).)

Answer 1

			Other accounts
	Land	Building	Amounts	Account title
1		29000		Not applicable
2		39000		Not applicable
3		646000		Not applicable
4	286000			Not applicable
5			35000	Land improvements
6	3770			Not applicable
7			7400	Land improvements
8	37000			Not applicable
9			7000	Property Tax expense
10	-12600			Not applicable
	314170	714000