On February 1, 2016, Edwards Corporation purchased a parcel of land as a factory site for $100,000. It demolished an old building on the property and began construction on a new building that was completed on October 2, 2016. Costs incurred during this period are:

Demolition of old building $ 8,000
Architect’s fees 25,000
Legal fees for title investigation and purchase contract 4,000
Construction costs 650,000
Edwards sold salvaged materials resulting from the demolition for $2,000.

Required:

1. At what amount should Edwards record the cost of the land and the new building, respectively?

If an input box should be blank, enter a zero.

Land Building
Purchase price of land $ $
Demolition of old building
Architect's fees
Legal fees
Construction costs
Salvaged materials
Total $ $

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Richard is one of the leading college basketball players in the state of florida. he also maintains a good academic record. looking at his talent and potential, furman university offers to bear the expenses for his college education.

Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)