$ 88,000 Begin by listing each cost for items a. through i. first, followed by i
ID: 2401920 • Letter: #
Question
$ 88,000 Begin by listing each cost for items a. through i. first, followed by items j. through q. Then dete he box empty; do not enter a zero.) Purchase price of three acres of lano Delinquent real estate taxes on the land to be paid by Drive and Fly a. Land b. Item Land Improvements Building Furniture 5,600. 9,000 b. 3,500 9,600e 1,000 c. Additional dirt and earthmoving d. Title insurance on the land acquisition e. Fence around the boundary of the property f. Building permit for the building g. Architect's fee for the design of the building h. Signs near the front of the property i. Materials used to construct the building j. Labor to construct the building k. Interest cost on construction loan for the building I. Parking lots on the property m. Lights for the parking lots n. Salary of construction supervisor (80% to building: 20% ?. 9. 20,500 h 9,000 169,000 m 9,700 o 29,100q 11,400als 70,000 ?. Requirement 2. All construction was complete and the assets were placed in service on July 1. Record partial-year depreciation Round to the nearest dolar. (Record a single compound journal entry. Round all depreciation expense amounts to the nearest w credits. Select the explanation on the last line of the journal entry table.) to parking lot and concrete walks) Date Accounts and Explanation Debit Credit o. Furniture p. Transportation of furniture from seller to the building q. Additional fencing 11,400 2,200 6,400 Dec. 31Explanation / Answer
Answer: 1
Item no.
Description
land
Improvements
Building
Furniture
a.
Purchase price of three acres of land
88000
b.
Delinquent real estate taxes on the land to be paid by Drive and Fly
5600
c.
Additional dirt and earthmoving
9000
d.
Title insurance on the land acquisition
3500
e.
Fence around the boundary of the property
9600
f.
Building permit for the building
1000
g.
Architect's fee for the design of the building
20500
h.
Signs near the front of the property
9000
i.
Materials used to construct the building
219000
j.
Labour to construct building
169000
k.
Interest cost on construction loan for the building
9700
l.
Parking lots on the property
29100
m.
Lights for the parking lots
11400
n.
Salary of construction supervisor
14000
56000
o.
Furniture
11400
p.
Transportation of furniture from seller to the building
2200
q.
Additional fencing
6400
TOTAL
106100
79500
475200
13600
Answer-2:
As the information about the life of assets and depreciation method is not provided, depreciation can not be calaculated..
Item no.
Description
land
Improvements
Building
Furniture
a.
Purchase price of three acres of land
88000
b.
Delinquent real estate taxes on the land to be paid by Drive and Fly
5600
c.
Additional dirt and earthmoving
9000
d.
Title insurance on the land acquisition
3500
e.
Fence around the boundary of the property
9600
f.
Building permit for the building
1000
g.
Architect's fee for the design of the building
20500
h.
Signs near the front of the property
9000
i.
Materials used to construct the building
219000
j.
Labour to construct building
169000
k.
Interest cost on construction loan for the building
9700
l.
Parking lots on the property
29100
m.
Lights for the parking lots
11400
n.
Salary of construction supervisor
14000
56000
o.
Furniture
11400
p.
Transportation of furniture from seller to the building
2200
q.
Additional fencing
6400
TOTAL
106100
79500
475200
13600
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