Reference no: EM133133167

Question - The Marevick Company bought land and built a warehouse during 2019. The following costs were incurred related costs to Land and Building account: Land and unusable building purchased P 400,000 Removal cost of old building 40,000 Legal fees for land acquisition 30,000 Interest on loan for construction (based on average costs incurred) 54,000 Payment to building contractor 1,000,000 Special assessment by city for sewer connection 24,000 Landscaping (non-temporary) 70,000 Equipment purchased for excavation 360,000 Fixed overhead charged to building 300,000 Insurance on building during construction 20,000 Saving on construction 240,000 Compensation for injury to construction worker 60,000 Modifications to building ordered by building inspectors 150,000 Taxes in arrears on land 50,000 Payment to city hall for building construction approval 30,000 New parking lot, street and sidewalk 125,000 The following receipts were made related to the accounts: Amount recovered from demolished building 14,000 Sale of excavation equipment 280,000 In addition, you discover that compensation for the workers' injury was necessary because it was not covered by the particular insurance policy purchased by the company. Accident insurance that would have covered the injury would have cost an additional P7,000. The modifications ordered by the building inspectors resulted from poor planning by the company. Determine the cost of Land, Land improvements, Building and Equipment by completing the schedule.