12.

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Incorrect Question 12 072.94 pts Shenandoah Skies bought land to be used for a new ski resort. Which of the following cost should not be capitalized ? 55.000.000 to purchase the land 57.500 paid for a party to celebrate the grand opening $3.500 attorney fees for title research $5,000 paid to Jack Mogut for title search Best, Inc, loaned $100,000 for three months on November 1 to one of its customers at the rate of 6%. The principal amount of the loan plus interest is due on the following February 1. Which of the following is the adjusting journal entry that will be recorded on December 31? Debit Interest Receivable and credit Interest Revenue for $1.000 Debit Interest Receivable and credit Interest Revenue for $4,000 Debit interest Receivable and credit Interest Revenue for $500 debit Cash and credit Interest Revenue for $4,000 At year end, Curl Inc inventory consist of: Cost per item Market Value per item $1 per bottle $1.20 per 200 bottles of CZ bottles 100 boxes of DZ $10 per bottle $8.00 Curlz should report its inventory at: $1.200 $1240 $1,040 $1000 In a period of rising prices, the inventory costing method that will cause the company to have the lowest income tax expense is: : Weighted average FIFO LIFO Specific Identification