On July 1, 2016, Larkin Co. purchased a $580,000 tract of land that is intended to be

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On July 1, 2016, Larkin Co. purchased a $580,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2016 as follows.

Demolition of existing building on site ....................... $68,000

Legal and other fees to close escrow ......................... 12,900

Proceeds from sale of demolition scrap ...................... 8

What would be the balance in the land account as of December 31, 2016?

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Financial Accounting

ISBN: 9780078110825

2nd Edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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Question Posted: Jan 31, 2017 09:58 AM

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On July 1, 2016, Larkin Co. purchased a $580,000 tract of land that is intended to be

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Balance in the land account as of December 31 2016 is as follows Purc...View the full answer

Financial Accounting

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