You have been given the following information for Ethan Company as of June 1, 2010. Ethan Company purchased a

You have been given the following information for Ethan Company as of June 1, 2010. Ethan Company purchased a parcel of land and then incurred specific costs for the construction of a new building. Below is a list of these costs:

Cost of Parking Lot and gates=$14,000

Cost of filling the building site= $10,000

Legal Fees to buy land= $2,000

Cost of driveway= $9,000

Property Taxes for Jan 1,2010 to June 1, 2010= $5,000

Title Insurance= $2,000

Interest on the construction loan= $13,000

Proceeds from the sale of salvage materials= ($1500)

Purchase price of land= $200,000

Cost of the building construction= $650,000

Cost of razing building on lot= $9,500

Cost of grading the lot= $5,000

Required:

Determine the accounts that are affected by the above transactions and the final balance of each account. (Note: The interest on the construction loan will be applied to the cost of the land.)