Reference no: EM132692302

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

Expenditures

1.Excavation costs for new building$13,520

2.Architect's fees on building plans39,500

3.Full payment to building contractor647,600

4.Cost of real estate purchased as a plant site (land $258,300 and building $30,800)289,100

5.Cost of parking lots and driveways28,990

6.Accrued real estate taxes paid at time of purchase of real estate2,640

7.Installation cost of fences around property8,750

8.Cost of demolishing building to make land suitable for construction of new building29,100

9.Real estate taxes paid for the current year on land7,600

$1,066,800 Receipts

10.Proceeds from salvage of demolished building$ 11,500

Problem 1: Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)