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Alaia Belize began construction of a new hotel on December 1,2020. On this date, the...

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Accounting

Alaia Belize began construction of a new hotel on December 1,2020. On this date, the company purchased a parcel of land for $260,000 in cash. In addition, it paid $3,000 in surveying costs and $7,000 for a title insurance policy. An old dwelling on the premises was demolished at a cost of $9,000, with $2,000 being received from the sale of materials.
Architectural plans were also formalized on December 1,2020, when the architect was paid $62,000. The necessary building permits costing $16,000 were obtained from the city and paid for on December 1 as well. The excavation work began during the first week in December with payments made to the contractor as follows:
\table[[Date of Payment,Amount of Payment],[January 1,$800,000
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