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How much cash was spent on purchasing land by davinci ltd

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Reference no: EM132967255

Consecutive balance sheets of DaVinci Ltd showed the following balances:

                        30 June2029         June 2028

Land                        650           400

Revaluation Surplus     120             -

Borrowings                270            300

Problem 1: During the year ended 30 June 2029, land was revalued upwards by $120 000, and $80 000 was borrowed to acquire land. No land was sold during the financial year ending 30 June 2029. How much cash was spent on purchasing land by DaVinci Ltd for the financial year ending 30 June 2029?

a. $170 000

b. $190 000

c. $50 000

d. $130 000

e. none of the other options.

Reference no: EM132967255

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