Peete Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.

Instructions
Analyze the transactions using the following table column headings. Enter the number of each transaction in the Item column, and enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title.

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Debit 1. Excavation costs for new building 2. Architect's fees on building plans 3. Full paymen 4. Cost of real estate purchased as a plant site (land $255,000 $ 23,000 33,000 640,000 t to building contractor and building $25,000) 5. Cost of parking lots and driveways 6. Accrued real estate taxes paid at time of purchase of real estate 7. Installation cost of fences around property 8. Cost of demolishing building to make land suitable for 280,000 29,000 3,170 6,800 construction of new buildin 9. Real estate taxes paid for the current year on land 31,000 6,400 $1,052,370 Credit 10. Proceeds from salvage of demolished building S 12,000 Item Land Buildin Other Accounts