exercise 3

Exercise 1 Exercise 2 Exercise 3 3. Kadlec Company was established on January 1. During the first year of operations, the following capital asset expenditures and receipts were recorded. 145,000.00 1. Cost of real estate purchased as a plant site (land has a fair market value of $100,000 and building has a fair market value of $60,000. 2. Accrued property tax paid at the time of the purchase of real estate. 3. Property tax on land paid for the current year. 4. Cost of demolishing the building to make land suitable for construction. 5. Excavation costs for the new building. 6. Cost of filling and grading the land. 7. Architect's fees for building plans. 8. Full payment to building contractor. 9. Cost of fences around the property. 10. Paving of parking lots and driveways. 11. Proceeds from the residual materials of the demolished building. 2,000.00 5,000.00 13,000.00 20,000.00 4,000.00 10,000.00 600,000.00 3,000.00 15,000.00 (2,500.00) Using the above information determine the cost of each of the following: Land Building Other Account Totals: $ 0.00 $ 0.00 $ 0.00 Exercise 1 Exercise 2 Exercise 3 3. Kadlec Company was established on January 1. During the first year of operations, the following capital asset expenditures and receipts were recorded. 145,000.00 1. Cost of real estate purchased as a plant site (land has a fair market value of $100,000 and building has a fair market value of $60,000. 2. Accrued property tax paid at the time of the purchase of real estate. 3. Property tax on land paid for the current year. 4. Cost of demolishing the building to make land suitable for construction. 5. Excavation costs for the new building. 6. Cost of filling and grading the land. 7. Architect's fees for building plans. 8. Full payment to building contractor. 9. Cost of fences around the property. 10. Paving of parking lots and driveways. 11. Proceeds from the residual materials of the demolished building. 2,000.00 5,000.00 13,000.00 20,000.00 4,000.00 10,000.00 600,000.00 3,000.00 15,000.00 (2,500.00) Using the above information determine the cost of each of the following: Land Building Other Account Totals: $ 0.00 $ 0.00 $ 0.00