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  3. ivanhoe company was organized on january 1. during

Ivanhoe Company was organized on January 1. During the first year of operations, the following...

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Accounting

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Ivanhoe 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. $16,000 2 26,000 3 633,000 273,000 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 $248,000 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 and suitable for construction of new building Real estate taxes paid for the current year on land 5 22,000 6. 2,470 7. 6,100 8. 24,000 9. 5.700 $1.008.270 Credit 10. Proceeds from salvage of demolished building $ 11,300 tem Land Building Amounts Account Title $ 16000 $ 26000 633000 273000 i 22000 Land Improvements 2470 6100 Land Improvements 24000 5700 Property Tax Expens 11300 $ VA 294270 $ 675000

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