Foxx Company was organized on January 1. During the first year of operations, the following plant…

Foxx Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Debits 1. Accrued real estate taxes paid at time of purchase of real estate ….. $ 9,000 2. Real estate taxes on land paid for the current year ………. 6,500 3. Full payment to building contractor …………….. 500,000 4. Excavation costs for new building ……………. 19,000 5. Cost of real estate purchased as a plant site (land $75,000 and building $25,000) ……………………. 100,000 6. Cost of parking lots and driveways …………….. 18,000 7. Architect’s fees on building plans …………….. 9,000 8. Installation cost of fences around property …………. 6,000 9. Cost of demolishing building to make land suitable for construction of new building ……………………. 19,000 $686,500 Credit 10. Proceeds from salvage of demolished building ………. $ 3,800 Instructions Analyze the foregoing transactions using the following column headings. Insert the number of each transaction in the Item column, and insert the amounts in the appropriate columns. For amounts entered in the Other Accounts column, also indicate the account title. Item Land Buildings Other Accounts

 

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