Homework Answers
Journal Entry:
| Account Titles and Explanations | Debit | Credit |
| Land | $156,000 | |
| Demolition and Removal Costs | $21,700 | |
| Clearing, Grading and Filing Costs | $15,400 | |
| Recovery of Salvaged Building Materials | $10,200 | |
| Cash ($156,000 + $21,700 + $15,400 - $10,200) | $182,900 | |
| (To record purchase of land by cash and payment of other costs to demolish the building) |
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