Question

What is the cost of the land, based upon the following data? Fixed assets and intangible assets.

d. all of the above 9. The exclusive right to use a certain name or symbol is called a a. franchise b. patent c. trademark d. copyright BLEM What is the cost of the land, based upon the following data? Land purchase price Broker's commission Payment for the demolition and removal of existing building Cash received from the sale of materials salvaged from the demolished building ANS: $175,000 15,000 5,000 1,000 Machinery is purchased on January 1 of the current fiscal year for $180,000. It is expected to hae a usetl life f 4 vears or 20 000 onerating hours and a residual value of $15 000

Answer 1

ANSWER

9. The exclusive right to use a certain name or symbolis called a Trademark

10. COST OF LAND

Land Purchase Price $175,000

Broker's Commission $15,000

Payment for the demolition and removal

of existing building $5,000

Cash received from the sale of materials

salvaged from the demolished building ($1,000)

COST OF LAND $194,000