At the midpoint of the current year, a $16,000 check is given for land, and the buyer
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Question:
At the midpoint of the current year, a $16,000 check is given for land, and the buyer assumes the liability for unpaid taxes in arrears of $400 at the end of last year and those assessed for the current year of $360.
a. Determine the cost used for recording the land acquired.
b. Record the journal entry on the date of the land's acquisition.
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Related Book For
An Introduction to Geotechnical Engineering
ISBN: 978-0132496346
2nd edition
Authors: Robert D. Holtz, William D. Kovacs, Thomas C. Sheahan
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