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Diaz Company was organized on January 1. During the first year

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Diaz Company was organized on January 1. During the first year of operations, the following plant asset;expenditures and receipts were recorded in random order.;Instructions;Analyze the foregoing transactions using the following column headings. Insert the number of each transaction in;the Item space, and insert the amounts in the appropriate columns. (If answer is zero, please enter 0, do;not leave any fields blank. If expenditure decreases balance then put the amount in parenthesis.);Debits;1. Cost of filling and grading the land $6,400;2. Full payment to building contractor 703,000;3. Real estate taxes on land paid for the current year 6,720;4. Cost of real estate purchased as a plant site (land $104,559 and building $44,811) 149,370;5. Excavation costs for new building 37,710;6. Architect's fees on building plans 10,180;7. Accrued real estate taxes paid at time of purchase of real estate 2,990;8. Cost of parking lots and driveways 15,440;9. Cost of demolishing building to make land suitable for construction of new building 16,140;$947,950;Credits;10.Proceeds from salvage of demolished building $4,920

 

Paper#26772 | Written in 18-Jul-2015

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