Business, 07.05.2020 12:57, lorettawintx

On July 1, 2016, Jekel & Hyde Inc. purchased land and incurred other costs relative to the construction of a new warehouse. A summary of economic activities is listed below:

Purchase price $185,000

Title insurance $1,500

Legal fees to purchase land $1,000

Cost of razing old building on lot 8,500

Proceeds from sale of salvageable materials (1,200)

Property taxes, January 1, 2016–June 30, 2016 3,000

Cost of grading and filling building site 9,000

Cost of building construction 620,000

Interest on construction loan 12,000

Cost of constructing driveway 8,000

Cost of parking lot and fencing 12,000

Required:

Create an Excel worksheet to summarize and indicate the accounts (building, land etc.) that would be affected by the above transactions and the resulting balance in each account. Apply the interest on the construction loan to the cost of the building only.

Answers: 2

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On July 1, 2016, Jekel & Hyde Inc. purchased land and incurred other costs relative to the const...