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On March 1, 2010, Penner Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorney's fee for work concerning the land purchase, $5,000 real estate broker's fee, $7,800 architect's fee, and $14,000 to put in driveways and a parking lot.
Instructions
(a) Determine the amount to be reported as the cost of the land.
(b) For each cost not used in part (a), indicate the account to be debited.
Three dry holes were drilled on surrounding leases
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The common stock of EBM Corporation is $100 per share. The expected dividend on its stock in the current period is $5, and the firm's cost of common stock is 12%. What is the firm's dividend growth rate (assume that the growth rate is constant)?
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The difference between the equipment account balance and the accumulated depreciation, equipment account balance is called:
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In addition, at the end of the year, Al received $12,000 as an advance payment from a health mainte- nance organization (HMO) for services to be rendered in 2016. Compute Al's gross income for 2015:
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lanora white received her accounting degree in 1992. since graduating she has obtained significan experience in a
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