Elbert Company was organized on January 1 During the

first
Elbert Company was organized on January 1. During the first year of operations, the following
plant asset expenditures and receipts were recorded in random order.Debits1. Cost of real
estate purchased as a plant site (land $255,000 and building $25,000) ......... $ 280,0002.
Installation cost of fences around property .......... 6,8003. Cost of demolishing building to make
land suitable for construction of new building .......... 24,0004. Excavation costs for new building
............. 23,0005. Accrued real estate taxes paid at time of purchase of real estate . 2,1796.
Cost of parking lots and driveways ............ 29,0007. Architect’s fees on building plans ..............
33,0008. Real estate taxes paid for the current year on land ........ 5,8009. Full payment to
building contractor ............ 640,000 $1,043,779Credits10. Proceeds from salvage of
demolished building ........ $ 8,000InstructionAnalyze the transactions using the following table
column headings. Enter the number of each transaction in the Item column, and enter the
amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate
the account title. Item Land Building Other AccountsView Solution:
Elbert Company was organized on January 1 During the first
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