Reference no: EM132707277
Problem 1: The Land account would include all the following costs except?
a. drainage costs.
b. the cost of building a fence.
c. commissions paid to real estate agents.
d. the cost of tearing down a building.
Problem 2: Shaffer Company acquires land for $77,000 cash. Additional costs are as follows.
Removal of shed $ 300
Filling and grading 1,500
Salvage value of lumber of shed 120
Broker commission 1,130
Paving of parking lot 10,000
Closing costs 560
Shaffer will record the acquisition cost of the land at?
a. $77,000.
b. $78,690.
c. $80,610.
d. $80,370.
Problem 3: A company has the following assets:
Buildings and Equipment, less accumulated depreciation of $5,000,000 $25,000,000
Patents 2,400,000
Trademarks 10,000,000
Land 12,000,000
Goodwill 2,000,000
Cash 8,000,000
The total amount reported under Property, Plant, and Equipment would be?
a. $25,000,000.
b. $37,000,000.
c. $47,000,000.
d. $45,000,000.
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