Analyze the transactions using the table

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Reference no: EM13512356

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


Debits


1

Cost of real estate purchased as a plant site (land $255,000 and



building $25,000)

$ 280,000

2

Installation cost of fences around property

6,800

3

Cost of demolishing building to make land suitable for



construction of new building

31,000

4

Excavation costs for new building

23,000

5

Accrued real estate taxes paid at time of purchase of real estate

3,170

6

Cost of parking lots and driveways

29,000

7

Architect"s fees on building plans

33,000

8

Real estate taxes paid for the current year on land

6,400

9

Full payment to building contractor

6,40,000



$1,052,370


Credits


10

Proceeds from salvage of demolished building

$ 12,000

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.

Reference no: EM13512356

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