Homework Answers
Cost of land = Cash price + Property taxes due + Title and attorney fee + Grading expenses
= 200,000+5,900+2,300+4,000
= $212,200
Second option is correct option.
Hence, Crane should record cost of land = $212,200
Note: $20,000 spent for paying of parking lot will be debited to land improvement.
Kindly comment if you need further assistance. Thanks‼!
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Accounting Practice
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Accounting Practice
Sunland Company purchases land for $185000 cash. Sunland assumes $5300 in property taxes due on the land. The title and attorney fees totaled $2400. Sunland has the land graded for $4300. They paid $15000 for paving of a parking lot. What amount does Sunland record as the cost for the land? O $185000. $191700. $212000. $197000.
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A company incurred the following costs: Purchase price of land Survey fees Payment for demolition of old building on land Back property taxes on land Paving costs for parking lot Fence around perimeter of land Lights in parking lot Signs for new business What is the cost of the land? $290,000 6,000 20,000 3,000 70,000 15,000 90,000 5,000 O A. $316,000 O B. $290,000 O C. $319,000 OD. $389,000
please help with these accouting questions!
IV ab X X APA 1 Styles Styles Pane Sensiti 7. Burke Company purchases land for $180,000 cash. Burke assumes $5,000 in property taxes due on the land. The title and attorney fees totaled $2,000. Burke has the land graded for $4,400. They paid $20,000 for paving of a parking lot. What amount does Burke record as the cost for the land? A) $186,400. B) $211,400 C) $191,400 D) $180,000. 8. Ramirez Company acquires...
1.On May 1, 2017, Irwin Company purchased the copyright to Quick
Computer Tutorials for $120000. It is estimated that the copyright
will have a useful life of 5 years. The amount of amortization
expense recognized for the year 2017 would be
$24000.
$12000.
$16000.
$12800.
2.
Whyte Clinic purchases land for $420000 cash. The clinic assumes
$4500 in property taxes due on the land. The title and attorney
fees totaled $3000. The clinic had the land graded for $6600. What...
nment Multiple Choice Question 60 Crane Company acquires land for $72000 cash. Additional costs are as follows. Removal of shed $700 1700 110 Filling and grading Salvage value of lumber of shed Broker commission Paving of parking lot Closing costs 1060 8000 640 Crane will record the acquisition cost of the la $72000. $76210. O $73700. $75990 LINK TO TEXT
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