Reference no: EM133171781

Question - Walnut Acres Corporation purchased land adjacent to its plant to improve access for trucks making deliveries. Various expenditures incurred were as follows:

1. Purchase price, $55,000

2. Broker's fees, $6,000

3. Title search and other fees, $5,000

4. Demolition of an old building on the property, $5,700

5. Grading, $1,200

6. Digging foundation for the road, $3,000

7. Laying and paving driveway, $25,000

8. Lighting $7,500

9. Signs, $1,500.

Required -

1. Prepare a schedule listing the expenditures and their amounts that should be included in the Land account as part of its total cost.

2. Total the schedule to arrive at the total amount of cost for the land.