2. Acquisition Cost Notes Payable Building Land Land Building

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Presentation transcript:

2. Acquisition Cost Notes Payable Building Land Land Building Example: Determine how the following should be classified: Money borrowed to pay building contractor Payment for construction from note proceeds Cost of land fill and clearing Delinquent real estate taxes on property assumed Premium on 6-month insurance policy during construction Refund of 1-month insurance premium because construction completed early Notes Payable Building Land Land Building (Building) LO 2

2. Acquisition Cost Building Land Land Land (Land) Land Example Continued (g) Architect’s fee on building (h) Cost of real estate purchased as a plant site (land $200,000 and building $50,000) (i) Commission fee paid to real estate agency (j) Installation of fences around property (k) Cost of razing and removing building Proceeds from salvage of demolished building Cost of parking lots and driveways Cost of trees and shrubbery (permanent) Building Land Land Land Improvements Land (Land) Land Improvements Land LO 2