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Exercise 10-1 The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise....
The expenditures and receipts below 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)$(288,700)(b)Payment for construction from note proceeds288,700(c)Cost of land fill and clearing11,140(d)Delinquent real estate taxes on property assumed by purchaser7,880(e)Premium on 6-month insurance policy during construction9,240(f)Refund of 1-month insurance premium because construction completed early(1,540)(g)Architect's fee on building27,540(h)Cost of real estate purchased as a plant site (land $200,200 and building $53,200)253,400(i)Commission fee paid to real estate agency9,380(j)Installation of fences around property3,920(k)Cost of razing and removing building10,010(l)Proceeds from salvage of demolished building(4,600)(m)Interest paid during construction on money borrowed for construction12,460(n)Cost of parking lots and driveways20,300(o)Cost of trees and shrubbery planted (permanent in nature)15,200(p)Excavation costs for new building2,810
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.