Maurice Tutor

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    Oct-2001 - Nov-2016

Category > Accounting Posted 31 Jul 2017 My Price 13.00

Mawn Company

The Mawn Company bought land and built a warehouse during 2007. It debited the following related costs to an account titled Land and Buildings:
Land purchase …………………………………………………………$22,000
Demolition of old building …………………………………………… 3,000
Legal fees for land acquisition ……………………………………….. 1,500
Interest on loan for construction (based on average costs incurred) …. 2,900
Building construction ………………………………………………… 53,000
Assessment by city for sewer connection ……………………………. 1,200
Landscaping ………………………………………………………….. 3,500
Equipment purchased for excavation ………………………………… 18,800
Fixed overhead charged to building ………………………………….. 15,000
Insurance on building during construction …………………………… 1,000
Profit on construction ………………………………………………… 12,000
Compensation for injury to construction worker ……………………… 3,000
Modifications to building ordered by building inspectors ……………. 7,500
Property taxes on land paid in 2007 …………………………………… 2,500
The following credits were made to the account:
Salvage from demolished old building ………………………………... $ 700
Sale of excavation equipment …………………………………………. 14,000
In addition, you discover that compensation for the worker’s injury was necessary because it was not covered by the particular insurance policy purchased by the company. Accident insurance that would have covered the injury would have cost an additional $350. The modifications ordered by the building inspectors resulted from poor planning by the company.

Required
Prepare adjusting entries on December 31, 2007 to properly reclassify the preceding items.

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 08:07 PM My Price 13.00

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