On July 1, 2018, Jekel & Hyde Inc Required:
Indicate the Accounts That Would Be Affected by the and Incurred

On July 1, 2018, Jekel & Hyde Inc. purchased land and incurred other costs relative to the construction of a new warehouse. A summary of economic activities is listed below: $$\begin{array} { l r } \text { Purchase price } & \$ 185,000 \\\text { Title insurance } & \$ 1,500\\\text { Legal feesto purchase land } & \$ 1,00 0 \\\text { Cost of razing old building on lot } & 8,500\\\text { Proceeds from sale of salvageable materials } & ( 1,200 ) \\\text { Property taxes, January 1, 2018-June 30, 2018 } & 3,000 \\\text { Cost of grading and filling building site } & 9,000 \\\text { Cost of building construction } & 620,000 \\\text { Interest on construction loan } & 12,00 0 \\\text { Cost of constructing driveway } & 8,000 \\\text { Cost of parking lot and fencing } & 12,000\end{array}$$ Required:
Indicate the accounts that would be affected by the above transactions and the resulting balance in each account. Apply the interest on the construction loan to the cost of the building only.