A company purchased land for $90,000 cash. Real estate brokers' commission was $5,000 and $7,000 was...

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A company purchased land for $90,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the cost principle, the cost of land would be recorded at? Feeney Clinic purchases land for $130,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land. graded for $2,200. What amount does Feeney Clinic record as the cost for the land? Belle Company buys land for $50,000 on 12/31/07. As of 3/31/08, the land has appreciated in value to $50,700. On 12/31/08, the land has an appraised value of $51,800. By what amount should the Land account be increased in 2008? Pine Company acquires land for $86,000 cash. Additional costs are as follows: $ 300 1,500 120 Removal of shed Filling and grading Salvage value of lumber of shed Broker commission Paving of parking lot Closing costs Pine will record the acquisition cost of the land as? 1,130 10,000 560 A company purchased land for $90,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the cost principle, the cost of land would be recorded at? Feeney Clinic purchases land for $130,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land. graded for $2,200. What amount does Feeney Clinic record as the cost for the land? Belle Company buys land for $50,000 on 12/31/07. As of 3/31/08, the land has appreciated in value to $50,700. On 12/31/08, the land has an appraised value of $51,800. By what amount should the Land account be increased in 2008? Pine Company acquires land for $86,000 cash. Additional costs are as follows: $ 300 1,500 120 Removal of shed Filling and grading Salvage value of lumber of shed Broker commission Paving of parking lot Closing costs Pine will record the acquisition cost of the land as? 1,130 10,000 560

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1 The cost of land would be recorded at the sum of the purchase price real estate brokers commission ... View the full answer