Previn Brothers Inc. purchased land at a price of $27,000. Closing costs were $1,400. An old building
Question:
Previn Brothers Inc. purchased land at a price of $27,000. Closing costs were $1,400. An old building was removed at a cost of $10,200. What amount should be recorded as the cost of the land?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
27000...View the full answer
Answered By
Akshay Agarwal
I am a Post-Graduate with a specialization in Finance. I have been working in the Consulting industry for the past 8 years with a focus on the Corporate and Investment Banking domain. Additionally, I have been involved in supporting student across the globe in their academic assignments and always strive to provide high quality support in a timely manner. My notable achievements in the academic field includes serving more than 10,000 clients across geographies on various courses including Accountancy, Finance, Management among other subjects. I always strive to serve my clients in the best possible way ensuring high quality and well explained solutions, which ensures high grades for the students along-with ensuring complete understanding of the subject matter for them. Further, I also believe in making myself available to the students for any follow-ups and ensures complete support and cooperation throughout the project cycle. My passion in the academic field coupled with my educational qualification and industry experience has proved to be instrumental in my success and has helped me stand out of the rest. Looking forward to have a fruitful experience and a cordial working relationship.
5.00+
179+ Reviews
294+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
What amount should be recorded as the cost of a machine purchased December 31, 2014, which is to be financed by making 8 annual payments of $9,000 each beginning December 31, 2015? The applicable...
-
What amount should be recorded as an asset and a liability for capital leases on the books of the lessee?
-
A seminar was advertised at a price of $125 per person. If the tickets were purchased at least two weeks in advance, the price would be lowered to $105 per person. What rate of markdown has been...
-
Let (x) = x 2 + 3x + 2 and g(x) = x + 1. Find each of the following. (a) (fg)(x) (b) (fg) (-2) (c) (+)(x) (d) ()(-2)
-
Eldorado Mining had the following information available from a November 2014 bank reconciliation: outstanding cheques totaling $2,890 and outstanding deposits totaling $2,140. The November 30...
-
An ordinary egg can be approximated as a 5.5-cmdiameter sphere. The egg is initially at a uniform temperature of 8°C and is dropped into boiling water at 97°C. Taking the properties of egg to...
-
The pipe lies in the horizontal plane. If it is subjected to a vertical force \(\mathbf{P}\) at its end, determine the strain energy due to bending and torsion. Express the results in terms of the...
-
Sean Fitzpatrick manages the Peoria plant of Garcia Manufacturing. A representative of Darien Engineering approaches Fitzpatrick about replacing a large piece of manufacturing equipment that Garcia...
-
Using the given knee diagram, estimate the amount of torque needed to actuate the knee near 0 flexion (standing position) based on friction in the knee joint for a person of (a) 50 kg, (b) 60 kg, (c)...
-
Rearrange the following titles in the order they would appear on a trial balance: B. OMally, Withdrawals ...... .. Hair Salon Fees Earned Accounts Receivable ..................... Selling Expense...
-
What are the general rules for how gains or losses on retirement of plant assets should be reported in income?
-
Hanson Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,800,000 on March 1, $1,200,000 on June 1, and $3,000,000 on December...
-
The Valley United Soccer Club has boys and girls travel soccer teams at all age levels up to 18 years. The club has been successful and grown in popularity over the years; however, an obstacle to its...
-
Organizational culture is important to a business. Research a company of your choice and share the organizational culture of the company. Is the culture working? If you were on the management team,...
-
Explain what is meant by employee relations and what employers can do to improve it. Include in your discussion how employers can deal with employee treatment during layoffs and/or mergers. 2. Using...
-
what are 2 cons of the Purina's CSR plan as it affects the organization and the community.?
-
Give Recommendations on how to resolve dilemmas (40 points) a. Using the SHRM Code of Ethics, describe which code provisions cover each of the dilemmas. Fully describe the applicable core principle,...
-
What is a post trail validation tool and when is it conducted ?
-
Compare entry price to exit price for specialised plant. How does AASB 13/IFRS 13 resolve the debate on which price to use?
-
Determine whether the lines are parallel, perpendicular, or neither. 2x + 3y = -12, 2y - 3x = 8
-
The For loop is a_______ type of loop. a. Pretest b. Posttest c. Prequalified d. Post iterative
-
The following information relates to the 2020 debt and equity investment transactions of Wildcat Ltd., a publicly accountable Canadian corporation. All of the investments were acquired for trading...
-
On January 1, 2020, Mustafa Limited paid $537,907.40 for 12% bonds with a maturity value of $500,000. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature on...
-
The following amortization schedule is for Flagg Ltd.?s investment in Spangler Corp.?s $100,000, five-year bonds with a 7% interest rate and a 5% yield, which were purchased on December 31, 2019, for...
-
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Submit Date March 1 March 5 March 9 March 18 March 25 March 29...
-
Wilmington Company has two manufacturing departments-Assembly and Fabrication. It considers all of its manufacturing overhead costs to be fixed costs. The first set of data that is shown below is...
-
What are the fundamental differences between preemptive and cooperative multitasking in an operating system, and in which scenarios would each be most effective ?
Study smarter with the SolutionInn App