Solution-What amount should be recorded as the land

What amount should be recorded as the land improvements cost

Reference no: EM132647638

Trump & Obama Development Company plans to develop a shopping center. In the first quarter, the following amounts were spent:

Acquisition of land $21,000
Surveys and legal fees 1500
Land clearing 1000
Fencing 6000
Install lighting and signage 16,060

Problem 1: What amount should be recorded as the land improvements cost?

A) $7000

B) $8500

C) $22,060

D) $2500

Problem 2: The cost of a building depends on whether the company is constructing the building or is acquiring an existing one.

Problem 3: When constructing a building for plant operations, payments for materials, labor, and miscellaneous costs are recorded as expenses.

Reference no: EM132647638

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What amount should be recorded as the land improvements cost

Reference no: EM132647638

Reference no: EM132647638

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