question archive The following expenditures and receipts are related to land, land improvements, and buildings that were acquired for use in a business enterprise
The following expenditures and receipts are related to land, land improvements, and buildings that were acquired for use in a business enterprise
Subject:AccountingPrice: Bought3
The following expenditures and receipts are related to land, land improvements, and buildings that were acquired for use in a business enterprise. The receipts are in parentheses. 1. Money borrowed to pay a building contractor (signed a note), ($274,540) 2. A payment for building construction from note proceeds, $274,540 3. The cost of landfill and clearing, $7,650 4. Delinquent real estate taxes on property, assumed by the purchaser, $6,830 5. A premium on a six-month insurance policy during construction, $5,540 6. Refund of one month's insurance premium because construction was completed early, ($700) 7. An architect's fee on a building, $21,850 8. The cost of real estate purchased as a plant site (land $199,900, building $49,975), $249,875 9. A fee paid to a real estate agency for finding the property, $8,620 relating to the land purchase (see 8) 10. The installation of fences around a property, $3,590 11. The cost of demolishing and removing the building on the plant site (see item 8), $10,830 12. Proceeds from the salvage of the demolished building, ($4,960) 13. Interest paid during construction on money borrowed for construction, $12,700 14. The cost of parking lots and driveways, $18,550 15. The cost of trees that
