Reference no: EM132724602

Question - Sheridan Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.

Debit

1. Cost of filling and grading the land $3,000.

2. Full payment to building contractor 686,500.

3. Real estate taxes on land paid for the current year 6,000.

4. Cost of real estate purchased as a plant site (land $112,500 and building $40,000) 152,500.

5. Excavation costs for new building 38,500.

6. Architect's fees on building plans 13,500.

7. Accrued real estate taxes paid at time of purchase of real estate 3,000.

8. Cost of parking lots and driveways 13,500.

9. Cost of demolishing building to make land suitable for construction of new building 24,500 $941,000 Credit.

10. Proceeds from salvage of demolished building $3,000.

Required - Analyze the foregoing transactions using the following column headings. Insert the amounts in the appropriate columns.