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Ceramic Business Land Acquisition Costs

The document lists payments and receipts related to land, land improvements, and buildings acquired for a wholesale ceramic business. It includes costs for acquiring land and demolishing an existing building, construction costs like architect fees and insurance, and proceeds from borrowing, salvage sales, and insurance claims.

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Christy Habel
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18 views3 pages

Ceramic Business Land Acquisition Costs

The document lists payments and receipts related to land, land improvements, and buildings acquired for a wholesale ceramic business. It includes costs for acquiring land and demolishing an existing building, construction costs like architect fees and insurance, and proceeds from borrowing, salvage sales, and insurance claims.

Uploaded by

Christy Habel
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

The following payments and receipts are related to land, land improvements, and buildings acquired for

use in a wholesale ceramic business. The receipts are identified by an asterisk next to the item letter.

a. Fee paid to attorney for title search $ 2,500

b. Cost of real estate acquired as a plant site: Land 285,000

Cost of real estate acquired as a plant site: Building (to be


55,000
demolished)

c. Delinquent real estate taxes on property, assumed by purchaser 15,500

d. Cost of razing and removing building acquired in B 5,000

e.* Proceeds from sale of salvage materials from old building 4,000

Special assessment paid to city for extension of water main to the


f. 29,000
property

g. Architect’s and engineer’s fees for plans and supervision 60,000

h. Premium on one-year insurance policy during construction 6,000

i. Cost of filling and grading land 12,000

j.* Money borrowed to pay building contractor 900,000

k. Cost of repairing windstorm damage during construction 5,500

l. Cost of paving parking lot to be used by customers 32,000

m. Cost of trees and shrubbery planted 11,000

n. Cost of floodlights installed on parking lot 2,000

o. Cost of repairing vandalism damage during construction 2,500

Proceeds from insurance company for windstorm and vandalism


p.* 7,500
damage

q. Payment to building contractor for new building 800,000


r. Interest incurred on building loan during construction 34,500

s.* Refund of premium on insurance policy (h) canceled after 11 months 500

Land Other
1 Sl no. Land improvements Building accounts

a. 2500

b. 340000

(285000+55000)

c. 15500

d. 5000

e. -4000

f. 29000

g. 60000

h. 6000

i. 12000

j. -900000

k. 5500

l. 32000

m. 11000

n. 2000

o. 2500

p. -7500
q. 800000

r. 34500

s. -500

400000 45000 900000 -899500

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