April 7-2011 - PROBLEM 10-3 (a) 1. Land (Schedule A)....

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PROBLEM 10-3 (a) 1. Land (Schedule A). .............................................. 188,700 Building (Schedule B). ........................................ 136,250 Insurance Expense (6 months X $95). ............... 570 Prepaid Insurance (16 months X $95). .............. 1,520 Organization Expense. ........................................ 610 Retained Earnings. .............................................. 53,800 Salary Expense. ................................................... 32,100 Land and Building. ..................................... 399,950 Additional Paid-in Capital (800 shares X $17). .................................. 13,600 Schedule A Amount Consists of: Acquisition Cost ($80,000 + [800 X $117]). ......................... $173,600 Removal of Old Building. .......................... 9,800 Legal Fees (Examination of title). ............. 1,300 Special Tax Assessment. .......................... 4,000 Total. ...................................................... $188,700 Schedule B Amount Consists of:
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April 7-2011 - PROBLEM 10-3 (a) 1. Land (Schedule A)....

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