Johnson Corporation. plans to develop a shopping center. In the first quarter, they spent the following...
Johnson Corporation. plans to develop a shopping center. In the first quarter, they spent the following amounts:
| Acquisition of land | $15,000 |
| Surveys and legal fees | 600 |
| Land clearing | 200 |
| Fencing | 1,200 |
| Install lighting and signage | 940 |
What amount should be recorded as the land improvements cost?
|
$800 |
||
|
$2,140 |
||
|
$1,200 |
||
|
$2,800 |
Homework Answers
OPTION: $2140
EXPLANATION:
Land improvement cost = fencing cost + lighting install and signage costs
= $1200 + $940
= $2140
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