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Problems: Set A 19.1A (LOI), Peete Company was organized on January 1. During the first year of operations, the following pla
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Items Land Buildings Other accounts
Excavation cost for new building $23,000
Architect fees for building plans 33,000
Full payment to Building contractor 640,000
Cost of Real estate purchased as a plant site 280,000
Cost of parking lots and driveways 29,000
Accrued real estate taxes paid 3,170
Installation cost of fences 6,800
Cost of demolishing building 31,000
Real estate paid for the current year 6,400
Less: proceeds from salvage of demolished building -12,000
Total $302,170 $696,000 $42,200

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