Chapter 9 PPE Costs Classification Example
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16 Terms
Money borrowed to pay building contractor (signed a note)
Other Accounts → Notes Payable
Payment for construction from note proceeds
Building
Cost of land fill and clearing
Land
Delinquent real estate taxes on property assumed by purchaser
Land
Premium on 6-month insurance policy during construction
Building
Refund of 1-month insurance premium (construction completed early)
Building (deduction)
Architect’s fee on building
Building
Cost of real estate purchased as a plant site
Land
Commission fee paid to real estate agency
Land
Installation of fences around property
Land Improvements
Cost of razing and removing building
Land
Proceeds from salvage of demolished building
Land (deduction)
Interest paid during construction on borrowed money
Building
Cost of parking lots and driveways
Land Improvements
Cost of trees and shrubbery (permanent)
Land
Excavation costs for new building
Building
Note 
Flashcards (22)