Indicate whether each of the following expenditures should be classified as land (l), land improvements (li), buildings (b), equipment (e), or none of these (x). 1. parking lots 2. electricity used by a machine 3. interest on building construction loan 4. cost of trial runs for machinery 5. drainage costs 6. cost to install a machine 7. fences 8. unpaid (past) property taxes assumed 9. cost of tearing down a building when land and a building on it are purchased

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale. required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse. b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this. c. explain the difference between sale of receivables with recourse as oppose to without recourse.