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How much should land be debited for in the accounts

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Q1. Use the following information to calculate the net cash provided (inflow) or used by (outflow) from operating activities for the STAR Corporation:

(a) Net income, $50,000

(b) Depreciation and amortization $ 12,000

(c) Loss on sale of equipment $ 2,000

(d) Gain on selling investments $26,000

(e) Increase in accounts receivable $ 6,000

(f) Increase in Accounts payable $ 2,500

(g) Issuance of common stock $ 60,000

Q2. Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price $185,000, real estate commissions $15,000, legal fees $700, expenses of clearing the land $2,000, and expenses to remove old building $4,000. How much should land be debited for in the accounts of the company?

a. $185,000

b. $200,000

c. $206,700

d. $187,700

Reference no: EM132822204

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