Ben Sisko Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings,
Question:
Ben Sisko Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment.
Instructions
Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment. Assume the benefits of capitalizing interest during construction exceed the cost of implementation. Indicate how any costs not debited to these accounts should berecorded.
Transcribed Image Text:
Abstract company's fee for title search Architect's fees Cash paid for land and dilapidated building thereon Removal of old building $520 2,800 87,000 $20,000 Less: Salvage Surveying before construction Interest on short-term loans during construction Excavation before construction for basement Machinery purchased (subject to 2% cash discount, which was not taken) Freight on machinery purchased Storage charges on machinery, necessitated by noncompletion of 5,500 14,500 370 7,400 19,000 55,000 1,340 building when machinery was delivered New building constructed (building construction took 6 months from 2,180 date of purchase of land and old building) Assessment by city for drainage project Hauling charges for delivery of machinery from storage to new building Installation of machinery Trees, shrubs, and other landscaping after completion of building 485,000 1,600 2,000 (permanent in nature 5,400
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Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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