Youve been given the following information for ethan

Reference no: EM13389085

You have been given the following information for Ethan Company as of June 1, 2010. Ethan Company purchased a parcel of land and then incurred specific costs for the construction of a new building. Below is a list of these costs:

Cost of Parking Lot and gates -------- 14,000

Cost of filling the building site -------- $10,000

Legal Fees to buy land ----------------- $2,000

Cost of driveway --------------------------- $9,000

Property Taxes for Jan 1,2010 to June 1, 2010 --------------- $5,000

Title Insurance ------------------ $2,000

Interest on the construction loan --------- $13,000

Proceeds from the sale of salvage materials ---------------- ($1500)

Purchase price of land ----------------------- $200,000

Cost of the building construction ----------- $650,000

Cost of razing building on lot ------------------- $9,500

Cost of grading the lot ----------------------------- $5,000

Required:

1. Using Excel, determine the accounts that are affected by the above transactions and the final balance of each account. (Note: The interest on the construction loan will be applied to the cost of the land.)

2. Please prepare your solution in an Excel file.

Reference no: EM13389085

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