Question

+ Competency, elements of the competency and performance criteria Correction Grid 01HB - 1.1-1.2-1.3 2.1 25-26-41-45-5.1 5.2 53-54 0105 -2.3-32 Acceptable Unsatisfactory Highly Unsatisfactory 5 4 0-3 Satisfactory Highly Satisfactory 9-10 10 Points 68 John Smith purchased a land and contracted with a builder to build an office building on the property. He also engaged other contractors for lighting, fencing paving, etc. Based on the following transactions, determine the total costs allocated to the land land improvements abd buildings accounts (use the schedule provided) OSO Purchased land for S125,000 Paid a contractor $150,000 to design and build the office building Paid a demolition company $20,000 to remove an old structure on the land. Paid $15,000 in arrears taxes on the land Paid $20,000 for fencing Paid $10,000 for paving Paid an electrical contractor $15,000 for outdoor lighting 0-

Answer 1

Sl. No	Particulars	Total costs allocated
Land ($)	Land Improvement ($)	Buildings ($)
a)	Purchase Land	1,25,000.00	-	-
b)	Paid a contractor	-	-	1,50,000.00
c)	Paid a demolition company	-	20,000.00	-
d)	Fencing	-	20,000.00	-
e)	Paving	-	10,000.00	-
f)	Paid an electrical contractor	-	15,000.00	-
Total	1,25,000.00	65,000.00	1,50,000.00

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