Auto Shop,Inc. ,incurred the following costs in acquiring plant assets:
a.Purchased land with a $100,000 down payment and signed a $75,000 note payable for the balance.
b.Delinquent property tax of $2,500 and legal fees of $1,000 had to be paid before the land could be purchased.
c.$12,000 was paid to demolish an unwanted building on the land.
d.Architect fee of $7,000 was paid for the design of a new office building.
e.An office building was constructed at a cost of $500,000.A long-term note payable was used to pay for the cost.
f.$17,500 was paid for fencing around the new building.$55,000 was paid for paving the parking lot by the new building.
g.$20,000 was paid for lights in the new parking lot.
h.$10,000 was paid for a sprinkler system for the bushes and grass.
Required:
Prepare journal entries for the above transactions.Explanations are not required.

Question

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The Answer of Auto Shop,Inc. ,incurred the following costs in acquiring plant assets:
a.Purchased land with a $100,000 down payment and signed a $75,000 note payable for the balance.
b.Delinquent property tax of $2,500 and legal fees of $1,000 had to be paid before the land could be purchased.
c.$12,000 was paid to demolish an unwanted building on the land.
d.Architect fee of $7,000 was paid for the design of a new office building.
e.An office building was constructed at a cost of $500,000.A long-term note payable was used to pay for the cost.
f.$17,500 was paid for fencing around the new building.$55,000 was paid for paving the parking lot by the new building.
g.$20,000 was paid for lights in the new parking lot.
h.$10,000 was paid for a sprinkler system for the bushes and grass.
Required:
Prepare journal entries for the above transactions.Explanations are not required.