1. The Richardson Company purchases land for $50,000 on 12/31/14. As of March 31, 2015, the value of the land has appreciated by $50,700. As of 12/31/15, the land has an appraised value of $51,800. By what amount should the Land account be increased in 2015?

2. The Presto company purchased equipment and incurred these costs:

spot prices	$65,000
Sales taxes	$3,600
Insurance policy for the year.	$640
initial tests	$860
total costs	$70,100

Record the acquisition cost of the equipment.

Answer rating: 100% (QA)

1 The increase in the Land account in 2015 would be equal to the ... View the full answer