zed s manufacturing incurred the following costs in acquiring land making land impro 4382175

Zed’s Manufacturing incurred the following costs in acquiring land, making land improvements, and constructing and furnishing a new building. a. Purchase price of four acres of land…………………………………………………….. $192,000 b. Additional dirt and earthmoving………………………………………………………….. 8,800 c. Fence around the boundary of the property…………………………………………… 16,200 d. Attorney fee for title search on the land………………………………………………… 1,100 e. Unpaid property taxes on the land to be paid by Zed’s……………………………. 6,300 f. Company signs at the front of the property…………………………………………… 5,000 g. Building permit for the building…………………………………………………………… 700 h. Architect’s fee for the design of the building………………………………………… 24,100 i. Labour to construct the building…………………………………………………………. 691,000 j. Materials used to construct the building………………………………………………. 217,000 k. Landscaping…………………………………………………………………………………….. 6,600 l. Parking lot and concrete walks……………………………………………………………. 28,700 m. Lights for the parking lot and walkways……………………………………………….. 10,700 n. Salary of construction supervisor (85% to building; 15% to parking lot and concrete walks)………………………………………………. 80,000 o. Furniture for the building……………………………………………………………………. 106,100 p. Transportation and installation of furniture…………………………………………… 2,300 Zed’s Manufacturing depreciates buildings over 50 years, land improvements over 25 years, and furniture over 12 years, all on a straight-line basis with zero residual value. Requirements 1. Set up columns for Land, Land Improvements, Building, and Furniture. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset. 2. All construction was complete and the assets were placed in service on November 1. Record partial-year depreciation for the year ended December 31. (Round to the nearest dollar.) View Solution:
Zed s Manufacturing incurred the following costs in acquiring land making

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