Question: please help with these accouting questions! IV ab X X APA 1 Styles Styles Pane Sensiti 7. Burke Company purchases land for $180,000 cash. Burke
IV ab X X APA 1 Styles Styles Pane Sensiti 7. Burke Company purchases land for $180,000 cash. Burke assumes $5,000 in property taxes due on the land. The title and attorney fees totaled $2,000. Burke has the land graded for $4,400. They paid $20,000 for paving of a parking lot. What amount does Burke record as the cost for the land? A) $186,400. B) $211,400 C) $191,400 D) $180,000. 8. Ramirez Company acquires land for $240,000 cash. Additional costs are as follow. Removal of shed $ 2,000 Filling and grading 6,000 Salvage value of lumber of shed 1,280 Broker commission 4,520 Paving of parking lot 40,000 Closing costs 3,400 Ramirez will record the acquisition cost of the land as A) $254,640. B) $257,200 C) $255,920. D) $240,000. 9. Kathy's Blooms purchased a delivery van with a $60,000 list price. The company was given a $6,000 cash discount by the dealer, and paid $3,000 sales tax. Annual insurance on the van is $1,500. As a result of the purchase, by how much will Kathy's Blooms increase its van account? A) $60,000. B) $54,000. C) $58,500 D) $57,000. 10. The book value of an asset is equal to the A) asset's fair value less its historical cost. B) blue book value relied on by secondary markets. C) replacement cost of the asset. D) asset's cost less accumulated depreciation. 2 words x English (United States) Focus EEE
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