Cypress Fabrics Co. needed a new building, and found a suitable piece of land which had...
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Cypress Fabrics Co. needed a new building, and found a suitable piece of land which had an old building on it. Cypress made an agreement to buy the land and the building for $960,000 cash. The old building was demolished to make way for the new building. The following is information regarding the demolishing of the old building and construction of the new one: Cost of construction of new building including $660,000 for a parking $9,060,000 lot Demolition of old building 309,000 Proceeds from sales of salvaged materials from old building 202,000 Required: Prepare a single journal entry to record the above costs (assume cash is paid for all the transactions). Cypress Fabrics Co. needed a new building, and found a suitable piece of land which had an old building on it. Cypress made an agreement to buy the land and the building for $960,000 cash. The old building was demolished to make way for the new building. The following is information regarding the demolishing of the old building and construction of the new one: Cost of construction of new building including $660,000 for a parking $9,060,000 lot Demolition of old building 309,000 Proceeds from sales of salvaged materials from old building 202,000 Required: Prepare a single journal entry to record the above costs (assume cash is paid for all the transactions).
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Journal entry for purchase of old land and building and construction of new building on it Co... View the full answer
Related Book For
Differential Equations and Linear Algebra
ISBN: 978-0131860612
2nd edition
Authors: Jerry Farlow, James E. Hall, Jean Marie McDill, Beverly H. West
Posted Date:
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