Tri-State Manufacturing incurred the following costs in acquiring land, making land improvements,…

Tri-State Manufacturing incurred the following costs in acquiring land, making land improvements, and constructing and furnishing a new building.a. Purchase price of four acres of land……………………………………………………..$193,000b. Additional dirt and earthmoving ………………………………………………………….. 9,400c. Fence around the boundary of the property…………………………………………… 17,500d. Attorney fee for title search on the land………………………………………………… 1,100e. Unpaid property taxes on the land to be paid by Tri-state ……………………….. 5,900f. Company signs at the front of the property…………………………………………… 4,700g. Building permit for the building…………………………………………………………… 2,100h. Architect’s fee for the design of the building …………………………………………. 20,900i. Labor to construct the building …………………………………………………………… 498,000j. Materials used to construct the building ………………………………………………. 401,000k. Landscaping…………………………………………………………………………………….. 6,700l. Parking lot and concrete walks……………………………………………………………. 29,100m. Lights for the parking lot and walkways ……………………………………………….. 10,500n. Salary of construction supervisor (85% to building;15% to parking lot and concrete walks) ……………………………………………….. 60,000o. Furniture for the building……………………………………………………………………. 106,000p. Transportation and installation of furniture …………………………………………… 1,900Tri-State Manufacturing depreciates buildings over 30 years, land improvements over 20 years, and furniture over 8 years, all on a straight-line basis with zero residual value.Requirements1. Set up columns for Land, Land Improvements, Building, and Furniture. Show how to account for each cost by listing the cost under the correct account. Determinethe total cost of each asset.2. All construction was complete and assets were placed in service on September 1. Record partial-year depreciation for the year ended December 31. Round interme diate calculations to the nearest cent and final answers to the nearest whole dollar.View Solution:
Tri State Manufacturing incurred the following costs in acquiring land making

 

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