Problem $1(20$ points$)$

ACCOUNT: Land, Building and Equipment

$\backslash$table$[[\backslash$table$[[$Date$],[$Year $2023]],$Debit,Credit,Balance$],[$Debit$,$Credit$],[,,,],[8-$Jun Corporate organization fees paid to the state,$20,000,,,],[16-$Jun Land site and old building,$315,000,,,],[30-$Jun Corporate organization costs paid to professionals.,$30,000,,,],[2-$Jul Title clearance fees,$18,400,,,],[28-$Aug Cost of razing old building,$20,000,,,],[1-$Sep Salaries of Crawford Corporation executives,$60,000,,,],[1-$Sep Cost of acquire patent related to special equipment,$60,000,,,],[\backslash$table$[[12-$Dec Stock bonus to corporate promoters, $2000$ shares$],[$of common stock, $$50$ per share market value$]],100,000,,,],[15-$Dec Country real estate tax paid during construction,$14,400,,,],[15-$Dec Cost of new building completed and occupied on this date,$1,750,000,,,]]$

An analysis of Ithis account and of other accounts disclosed the following additional information:

a$.$ The building acquired on June $16,2023,$ was valued at $$315,000.$

b$.$ The corporation paid $$20,000$ for the demolition of the old building, then sold the scrap for $$12,000$ and credited the proceeds to Miscellaneous Revenue.

c$.$ The corporation executives did not participate in the construction fo the new building.

d$.$ The county real estate tax was for the six$-$month period ended December $31,2023,$ and was accessed by the county on the land and new building

Required:

Prepare a schedule showing colums for Land, Land Improvements, building and other accounts Prepare all neccesary journal entries to correct the books of the Crawford Corporation