Reference no: EM132895977
DAFFODIL Company had the following transactions pertaining to its new office building:
Purchase price of land -1,200,000;
Legal fees for contracts to purchase land -140,000;
Architect's fee -256,000;
Demolition of old building on site -315,000;
Sale of scrap from old building -71,000;
Construction cost of new building (fully completed) -2,450,000;
Fire insurance policy on the newly constructed building for the whole year starting on the day it was completed -250,000.
Problem 1: At what amount should the building be shown in DAFFODIL's statement of financial position of?
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What is the depreciation expense for year ended december
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What amount should the building be shown in daffodil
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