Question: hi, i cant seem to solve this problem 9-1B, its from the book of Fundamental Accounting, please i need help solving it. thank you:) Problem
Problem 9-16 Real estate costs L01 Page 680 CHECK FIGURE: 2. Dr. Land $423,600 In 2020, Delano Properties paid $500,000 for a tract of land on which two buildings were located. The plan was to demolish Building A and build a new factory Building C) in its place. Building B was to be used as a company office and was appraised at a value of $189.108. A lighted parking lot near Building Bhad improvements valued at $50,058. Without considering the buildings or improvements, the tract of land was estimated to have a value of $317,034 The company incurred the following additional costs: Cost to demolish Building A Cost to landscape new building site... Cost to construct new building (Building C)........... Cost of new land improvements (Land Improvements $ 46,800 69.000 542.400 40.500 ........ Required 1. Prepare a schedule having the following column heading Land, Building B. Building C, Land Improvements Band Land Improvements C. Allocate the costs incurred by the company to the appropriate columns and total each column. 2. Prepare a single journal entry dated June to record all the incurred costs, assuming they were paid in cash on that date
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