Jane Browning purchased a tract of land and contracted with a builder to build an office building on the property. She also engaged other contractors for lighting, fencing, paving, etc.
Based on the following transactions, determine the total costs allocated to the land, building, and land improvements accounts.
a)Purchased land for $125,000.
b)Paid a contractor $150,000 to design and build the office building.
c)Paid a demolition company $20,000 to remove an old structure on the property.
d)Paid $15,000 in delinquent taxes on the property.
e)Paid $20,000 for fencing.
f)Paid $10,000 for paving.
g)Paid an electrical contractor $15,000 for outdoor lighting.
Cost of land$\quad\quad\quad\quad\quad\quad ------$
Cost of building$\quad\quad\quad\quad\quad ------$
Cost of land improvements$\quad ------$

Question

Jane Browning purchased a tract of land and contracted with a builder to build an office building on the property. She also engaged other contractors for lighting, fencing, paving, etc.
Based on the following transactions, determine the total costs allocated to the land, building, and land improvements accounts.
a)Purchased land for $125,000.
b)Paid a contractor $150,000 to design and build the office building.
c)Paid a demolition company $20,000 to remove an old structure on the property.
d)Paid $15,000 in delinquent taxes on the property.
e)Paid $20,000 for fencing.
f)Paid $10,000 for paving.
g)Paid an electrical contractor $15,000 for outdoor lighting. 
Cost of land$\quad\quad\quad\quad\quad\quad ------$
Cost of building$\quad\quad\quad\quad\quad ------$
Cost of land improvements$\quad ------$

Quizplus · Accepted Answer

The Answer of Jane Browning purchased a tract of land and contracted with a builder to build an office building on the property. She also engaged other contractors for lighting, fencing, paving, etc.
Based on the following transactions, determine the total costs allocated to the land, building, and land improvements accounts.
a)Purchased land for $125,000.
b)Paid a contractor $150,000 to design and build the office building.
c)Paid a demolition company $20,000 to remove an old structure on the property.
d)Paid $15,000 in delinquent taxes on the property.
e)Paid $20,000 for fencing.
f)Paid $10,000 for paving.
g)Paid an electrical contractor $15,000 for outdoor lighting. 
Cost of land$\quad\quad\quad\quad\quad\quad ------$
Cost of building$\quad\quad\quad\quad\quad ------$
Cost of land improvements$\quad ------$

Jane Browning Purchased a Tract of Land and Contracted with a Builder