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

80.2K

Verified Solution

Question

Accounting

Seger Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.

Debit

1.

Cost of real estate purchased as a plant site (land $296,240 and building $31,160)

$ 327,400

2.

Installation cost of fences around property

7,540

3.

Cost of demolishing building to make land suitable for construction of new building

29,390

4.

Excavation costs for new building

13,960

5.

Accrued real estate taxes paid at time of purchase of real estate

3,779

6.

Cost of parking lots and driveways

36,700

7.

Architects fees on building plans

41,940

8.

Real estate taxes paid for the current year on land

7,130

9.

Full payment to building contractor

685,560

$1,153,399

Credit

10.

Proceeds from salvage of demolished building

$ 11,600

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. (Please select "Not Applicable" if no account title is suitable. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

land building amounts account title

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students