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In 2014, Creasor Company had the following transactions related to the purchase of a property. All transactions were for cash unless otherwise stated.
Jan. 12 Purchased real estate for a future plant site for $420,000, paying $95,000 cash and signing a note payable for the balance. On the site, there was an old building, and the fair values of the land and building were $400,000 and $40,000, respectively. The old building will be demolished and a new one built.
16 Paid $8,500 for legal fees on the real estate purchase.
31 Paid $25,000 to demolish the old building to make room for the new plant.
Feb. 13 Received $10,000 for materials salvaged from the demolished building.
28 Graded and filled the land in preparation for the construction for $9,000.
Mar. 14 Paid $38,000 in architect fees for the building plans.
31 Paid the local municipality $15,000 for building permits.
Apr. 22 Excavation costs for the new building were $17,000.
Sept. 26 The construction of the building was completed. The full cost was $750.000. Paid $150,000 cash and signed a mortgage note payable for the balance.
Sept. 30 Purchased a one-year insurance policy for the building, $4,500.
Oct. 20 Paved the parking lots, driveways, and sidewalks for $45,000.
Nov. 15 Installed a fence for $12,000.
Instructions
(a) Record the above transactions.
(b) Determine the cost of the land, land improvements, and building that will appear on Creasor’s December 31, 2014, balance sheet.
TAKING IT FURTHER:
When should Creasor start to record depreciation and on which assets?
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