Describe how elrod repair service should record the land

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Reference no: EM13899814

1. What particular item of financial or operating data appears on both the income statement and the retained earnings statement? What item appears on both the balance sheet and the retained earnings statement? What item appears on both the balance sheet and statement of cash flows?

2. Deana Moran is the owner of First Delivery Service. Recently, Deana paid interest of $3,600 on a personal loan of $60,000 that she used to begin the business. Should First Delivery Service record the interest payment? Explain.

3. On July 10, Elrod Repair Service extended an offer of $100,000 for land that had been priced for sale at $120,000. On July 25, Elrod Repair Service accepted the seller's counteroffer of $112,000. Describe how Elrod Repair Service should record the land.

4. Land with an assessed value of $300,000 for property tax purposes is acquired by a business for $500,000. Seven years later, the plot of land has an assessed value of $400,000 and the business receives an offer of $600,000 for it. Should the monetary amount assigned to the land in the business records now be increased?

Reference no: EM13899814

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