entory? In vour answer, please describe their impact on the financial statements. Chapter 10 a...
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entory? In vour answer, please describe their impact on the financial statements. Chapter 10 a new warehouse. A summary of economico -, Jekel & Hyde Inc. purchased land and incurred other costs relative to the construction of A summary of economic activities is listed below: Purchase price Title insurance Legal fees to purchase land Cost of razing old building on lot Proceeds from sale of salvageable materials Property taxes, January 1, 2021- June 30, 2021 Cost of grading and filling building sites Cost of building construction Interest on construction loan Cost of constructing driveway Cost of parking lot and fencing $185,000 $1,500 $1,000 8,500 (1,200) 3,000 9,000 620,000 12,000 8,000 12,000 Required: Indicate the accounts that would be affected by the above transactions and the resulting balance in each account. Apply the interest on the construction loan to the cost of the building only
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