Problem One:

Fleming Ltd commenced business on 1 April. During the first year of operations, the following property, plant and equipment asset expenditures and receipts were recorded in random order:

Debits
1. Cost of real estate purchased as a factory site (land $180 000 and building $70 000) 2. Installation of fences around property 3. Cost of demolishing building to make land suitable for construction of new building 4. Cost of filling and grading the land 5. Excavation costs for new building 6. Architects fees on building plans 7. Full payment to building contractor 8. Cost of parking lots and driveways 9. Land taxes paid for the current year on land			$ 250 000 4 900 27 000 7 270 21 900 51 000 629 500 31 800 5 320
			$1 028 690
Credits
10. Proceeds from residual of demolished building			$ 12 700