Bylund Corporation was organized in June 2013. In auditing its books, you find the following land, buildings,

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Bylund Corporation was organized in June 2013. In auditing its books, you find the following land, buildings, and equipment account:
Account: LAND, BUILDINGS, AND EQUIPMENT
Bylund Corporation was organized in June 2013. In auditing its

An analysis of this account and of other accounts disclosed the following additional information:
(a) The building acquired on June 16, 2013, was valued at $41,000.
(b) The corporation paid $15,000 for the demolition of the old building and then sold the scrap for $7,000 and credited the proceeds to Miscellaneous Revenue.
(c) The corporation executives did not participate in the construction of the new building.
(d) The county real estate tax was for the 6-month period ended December 31, 2013, and was assessed by the county on the land.
Instructions:
Prepare journal entries to correct Bylund Corporation's books.

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Intermediate Accounting

ISBN: 978-0538479738

18th edition

Authors: Earl K. Stice, James D. Stice

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