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

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Accounting

Sunland 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. Excavation costs for new building

$20,000

2. Architects fees on building plans

30,000

3. Full payment to building contractor

637,000

4. Cost of real estate purchased as a plant site (land $252,000 and building $25,000)

277,000

5. Cost of parking lots and driveways

26,000

6. Accrued real estate taxes paid at time of purchase of land

2,870

7. Installation cost of fences around property

6,500

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

28,000

9. Real estate taxes paid for the current year on land

6,100

$1,033,470

Credit

10. Proceeds from salvage of demolished building

$ 11,700

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. (If an amount falls into either the Land or Buildings column, enter "Not Applicable" in the account title column. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Other Accounts

Item

Land

Building

Amounts

Account Title

1

$enter a dollar amount

image

$enter a dollar amount

image

$enter a dollar amount

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choose an account title

image

2

enter a dollar amount

image

enter a dollar amount

image

enter a dollar amount

image

choose an account title

image

3

enter a dollar amount

image

enter a dollar amount

image

enter a dollar amount

image

choose an account title

image

4

enter a dollar amount

image

enter a dollar amount

image

enter a dollar amount

image

choose an account title

image

5

enter a dollar amount

image

enter a dollar amount

image

enter a dollar amount

image

choose an account title

image

6

enter a dollar amount

image

enter a dollar amount

image

enter a dollar amount

image

choose an account title

image

7

enter a dollar amount

image

enter a dollar amount

image

enter a dollar amount

image

choose an account title

image

8

enter a dollar amount

image

enter a dollar amount

image

enter a dollar amount

image

choose an account title

image

9

enter a dollar amount

image

enter a dollar amount

image

enter a dollar amount

image

choose an account title

image

10

enter a dollar amount

image

enter a dollar amount

image

enter a dollar amount

image

choose an account title

image

$enter a total for the land column

image

$enter a total for the building column

image

Answer & Explanation Solved by verified expert
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