Hull Company acquires land for €86,000 cash. Additional costs are as follows: Removal of shed € 300 Filling and grading 1,500 Salvage value of lumber of shed 120 Broker commission 1,530 Paving of parking lot 10,000 Closing costs 560 Select one: a. €86,000. b. €89,990. c. €89,770. d. €88,090.

Hull Company acquires land for €86,000 cash. Additional costs are as follows: Removal of shed € 300 Filling and grading 1,500 Salvage value of lumber of shed 120 Broker commission 1,530 Paving of parking lot 10,000 Closing costs 560 Select one: a. €86,000. b. €89,990. c. €89,770. d. €88,090.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

PQ16.04 Shaffer Company acquires land for $77,000 cash. Additional costs are as follows. Removal of shed $ 300 Filling and grading 1,500 Salvage value of lumber of shed 120 Broker commission 1,130 Paving of parking lot 10,000 Closing costs 560 Shaffer will record the acquisition cost of the land at?
A1 Wholesale Jewelry Company acquires land for $240,000 cash. Additional costs are as follows: Removal of shed $2,000 Filling and grading 6,000 Proceeds from sale of salvage 1,280 materials Broker commission 4,520 Paving of parking lot 40,000 Closing costs 3,400 A1 will record the acquisition cost of the land at A) $255,920. B) $240,000. C) $254,640. D) $257,200.
AI Barka acquires land for RO 102,000 cash. Additional costs are as follows: New Building RO 25,000 Leveling land 1,600 Salvage value of cement from the old wall 27,040 Broker commission 7,530 Removal of an old wall 6,300 Closing costs 5,600 AI Barka will record the acquisition cost of the land as: Select one: O a. RO 94,090. O b. RO 92,000. O c RO 95,990. O d. None of the answers ae correct. O e. RO 95,770.
Mazaya Company acquires land for RO 96,000 cash. Additional costs are as follows Removal of shed RO 400, Fitling and grading 1.530, Salvage value of lumber of shed 120, Broker commission 1530, Paving of parking lot 10,000, Closing costs 650 Mazaya will record the acquisition cost of the land as Select one O a RO 96,00o. O b RO 99.990. O C RO 98,09o. O d RO 99.770.
The Open Grill incurred the following costs in acquiring a new piece of land: Purchase price $80,000 Commissions 4,800 Liability insurance for the first year 1,200 20,000 Cost of removing existing building Sale of salvaged materials (4,000) Total costs $102,000 What is the total capitalized cost of the land? Multiple Choice O O $102,000. $80,000. $100,800. $106,000.
Sheridan Company acquires land for $71000 cash. Additional costs are as follows. Removal of shed $400 Filling and grading 1800 Salvage value of lumber of shed 170 Broker commission 1330 Paving of parking lot 12000 Closing costs 580 Sheridan will record the acquisition cost of the land as $71000. $75280. $74940. $72910.
Oriole Company acquires land for $77000 cash. Additional costs are as follows. Removal of shed $400 Filling and grading 1300 Salvage value of lumber of shed 200 Broker commission 1310 Paving of parking lot 10000 Closing costs 520 Oriole will record the acquisition cost of the land as
Current Attempt in Progress Marigold Corp. acquires land for $100000 cash. Additional costs are as follows: Removal of shed Filling and grading Residual value of lumber from shed Paving of parking lot Closing costs Type here to search $430 $104890. O $100000. O$104460. O $120690. 3300 Marigold will record the cost of the land as 150 15500 1310 C P 5 59 -4°C Clear 4) ENG 10: 2022
A company purchased property for a building site. The costs associated with the property were: Purchase price $175,000 Real estate commissions 15,000 Legal fees. Expenses of clearing the land Expenses to remove old building 800 2,000 1,000 What portion of these costs should be allocated to the cost of the land and what portion should be alloca the cost of the new building? $175,800 to Land; $18,800 to Building O $190,000 to Land; $3,800 to Building $190,800 to Land; $1,000 to Building O $192,800 to Land; $0 to Building O $193,800 to Land; $0 to Building
1. ABC Company purchases a truck by paying $5000 cash and surrendering a piece of equipment with a book value of $12,000 and a fair value of $15,000. What is the cost of the truck acquired in this trade? A. $15,000 B. $20,000 C. $17,000 D. $10,000 2. Routine repair and maintenance costs should be A. capitalized and depreciated over the expected useful life. B. added to the cost of the asset but not depreciated. C. expensed in the period incurred. D. expensed in the next fiscal year. 3. As long as three conditions are present, interest is capitalized for the period. Which one of the following is not one of these three conditions? A. Expenditures for the asset have begun. B. Activities that are necessary to get the asset ready for its intended use are in progress. C. The asset is operational. D. Interest cost is being incurred.
Novak Company acquires land for $56200 cash. Additional costs are as follows: Removal of shed $1720 Filling and grading Paving of parking lot Closing costs 1450 O $60060. O $56200. O $56890. $40050 9000 690 Novak will record the acquisition cost of the land as
1 QUE Sunland Company acquires land for $85700 cash. Additional costs are as follows: Removal of shed $ 250 Filling and grading 1600 Salvage value of lumber of shed 160 Broker commission 1100 Paving of parking lot 9700 Closing costs 570 Sunland will record the acquisition cost of the land as $87370. $89380. $89060. $95400. 2 QUE A company has the following assets: Buildings and Equipment, less accumulated depreciation of $2010000 $9520000 Copyrights 959000 Patents 4100000 Timberlands, less accumulated depletion of $2760000 4870000 The total amount reported under Property, Plant, and Equipment would be $19449000. $15349000. $14390000. $18490000.