Question

This chapter lists the costs included for the acquisition of land on pages. First is the purchase price of the land, which is obviously included in the cost of the land. The reasons for including the other costs are not so obvious. For example, property tax is ordinarily an expense, not part of the cost of an asset.
State why the other costs listed are included as part of the cost of the land. After the land is ready for use, will these related costs be capitalized or expensed?



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  • CreatedDecember 10, 2012
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