Question

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)		$(284,500	)
(b)		Payment for construction from note proceeds		284,500
(c)		Cost of land fill and clearing		10,920
(d)		Delinquent real estate taxes on property assumed by purchaser		7,730
(e)		Premium on 6-month insurance policy during construction		8,520
(f)		Refund of 1-month insurance premium because construction completed early		(1,420	)
(g)		Architect’s fee on building		25,560
(h)		Cost of real estate purchased as a plant site (land $202,500 and building $59,700)		262,200
(i)		Commission fee paid to real estate agency		8,260
(j)		Installation of fences around property		3,780
(k)		Cost of razing and removing building		11,250
(l)		Proceeds from salvage of demolished building		(5,360	)
(m)		Interest paid during construction on money borrowed for construction		13,900
(n)		Cost of parking lots and driveways		17,690
(o)		Cost of trees and shrubbery planted (permanent in nature)		13,230
(p)		Excavation costs for new building		2,870

Identify each item by letter and list the items in columnar form, using the headings shown below. All receipt amounts should be reported in parentheses. For any amounts entered in the Other Accounts column, also indicate the account title. (Enter receipt amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). If no entry is required in other accounts, select "No Entry" for the account titles.)

Item		Land		Land Improvements		Building		Other Accounts
(a)		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		enter an account title
(b)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title
(c)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title
(d)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title
(e)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title
(f)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title
(g)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title
(h)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title
(i)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title
(j)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title
(k)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title
(l)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title
(m)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title
(n)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title
(o)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title
(p)		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter an account title

Answer 1

Solution; Item Land Land Impovements | Building lothena accounts (284 500) b 2 80 500 с C 10920 d 7730 e e 8520 f -1420 25560 9 g 262200 h i j 82.60 3780 11250 2 l - 5360 m 13900 n 17690 O 13230 Р 2870 Bial 308230 21470 333930