The following costs were incurred by Shumway Company in purchasing land: cash price, $85,000; legal fees, $1,500;

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The following costs were incurred by Shumway Company in purchasing land: cash price, $85,000; legal fees, $1,500; removal of old building, $5,000; clearing and grading, $3,500; installation of a parking lot, $5,000.

(a) What is the cost of the land?

(b) What is the cost of the land improvements?

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Principles Of Financial Accounting

ISBN: 9781118757147

1st Canadian Edition

Authors: Jerry J. Weygandt, Michael J. Atkins, Donald E. Kieso, Paul D. Kimmel, Valerie Ann Kinnear, Barbara Trenholm, Joan E. Barlow

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Question Posted: Apr 03, 2018 07:02 AM

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The following costs were incurred by Shumway Company in purchasing land: cash price, $85,000; legal fees, $1,500;

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a The cost of the lan...View the full answer

Principles Of Financial Accounting

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