PT Co. purchased land and an existing building for $200,000. In addition, PT paid real estate commissions

Fantastic news! We've Found the answer you've been seeking!

Question:

PT Co. purchased land and an existing building for $200,000. In addition, PT paid real estate commissions of $15,000. PT removed the unwanted building and graded the land for a total cost of $35,000.

What amount PT should record for the cost of land ?

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0077400163

6th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson

See More Books

Posted Date: May 19, 2023 01:14 AM

See More Questions

The following questions are used in the Kaplan CPA Review Course to study property, plant, and equipment and intangible assets while preparing for the CPA examination. Determine the response that...
The following questions are adapted from a variety of sources including questions developed by the AICPA Board of Examiners and those used in the Kaplan CPA Review Course to study property, plant,...
Which type of Social Media platform is the most like traditional media? A. Facebook: Most postings are carefully researched and unbiased. B. YouTube: the use of video mimics the format of televised...
Explain how an increase in government expenditure will change the governments budget balance and the loanable funds market. The International Monetary Fund (IMF) reported that it acted effectively in...
The wall crane supports load F. Determine the horizontal and vertical components of reaction at the pins A and D. Also, what is the force in the cable at the winch W? Units Used: kip = 103 lb Given:...
A uniform sphere of mass m and radius R rolls without slipping down an inclined plane set at an angle a to the horizontal. Find: (a) The magnitudes of the friction coefficient at which slipping is...
Go to EY.com and click on the three horizonal lines in the upper right corner. Next, choose "What we do" and then select "Our services" from the menu on the right side. Finally, click "Analytics and...
Tempo Companys fixed budget for the first quarter of calendar year 2013 reveals the following. Prepare flexible budgets following the format of Exhibit 23.3 that show variable costs per unit, fixed...
Specific audit objectives in this area include ascertaining that Payroll charges, materials, and other direct costs are summarized accurately and distributed to individual contracts or grant...
Launched in 1937, Krispy Kreme Doughnuts is a branded specialty retailer of premium doughnuts. Its Original Glazed doughnut is the firm's most recognizable product. However, Krispy Kreme's commitment...
Can terrorism or torture be justified? On what grounds? Consider utilitarian and realist points of view and argue the point in the essay.
Using both versions of Newton's version of Kepler's 3rd Law solve the following problem. You discover a planet orbiting a distant sun-like star (That has about the same mass as the sun), with an...
6 ABC Corporation reports in its 10-K, Revenue of $8.5 million and Gross Profit as a percent of sales equal to 40.5%. For next year, you project that sales will grow by 3% and that Gross profit as a...
Mr. Philips has a conservative to moderate risk preference. Currently, the following assets are available for use in building an appropriate portfolio for him: $10.0 million cash (from sale of the...
Yi is collecting the Old Age Security pension benefit. Annually, Yi receives $5757 a year from OAS. In addition to OAS, Yi's annual income from her pension, CPP, and other sources totals $94250 a...
Determine the value or values that are excluded from the following expression. 1) 3 X-8 X 2) f(x): = 5x-9 X-81 3) x-8x+12 X+4 4) x +4
a) Meta-Technetium-99 is a radioisotope commonly used in radiopharmaceutical applications. It is obtained from the decay of Molybdenum-99, which is itself produced artificially either by neutron...
Is it ethical to provide safety training in English to immigrant workers who speak little English, in order to reduce costs?
Hamilton Boats issued 175,000 shares of its no par common stock to Sudoku Motors in exchange for 1,000 four-stroke outboard motors that normally sell in quantity for $3,500 each. By what amount...
Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians' Leasing purchased a lithotripter from Rand for $2,000,000 and leased...
Which are the components of pension expense that involve delayed recognition?
Think of a manager for whom you have worked. What did the manager do to promote job satisfaction among the employees in the organization?
Identify a nursing unit where you know good patient care is given. Discuss what factors in the environment promote the delivery of high-quality patient care. Pay particular attention to how the...
Timmreck, T.C. Managing motivation and developing job satisfaction in the health care work environment. (2001). Health Care Manager, 2001, 20(1), 42-58. Copyright: Aspen Publishers, Inc. Using...

PT Co. purchased land and an existing building for $200,000. In addition, PT paid real estate commissions

Question:

Expert Answer:

PT should record the cost of land as the sum of the purchase price and the ... View the full answer

Intermediate Accounting

Students also viewed these accounting questions