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How much should be recorded in the land improvements account

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Question - The following 4 costs were incurred for Celadon Inc. to acquire and prepare land for a new parking lot:

Purchase price of land:                         $950,000                               

Cost to clear the land:                          $55,000

Cost of paving the lot:                          $35,000                                              

Cost of lighting the parking lot:              $12,000

How much should be recorded in the Land Improvements account on Celadon Inc.'s balance sheet?

a. $47,000

b. $90,000

c. $102,000

d. $1,052,000

Reference no: EM131760641

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