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Question 1: Millburn Company has acquired a property that included both land and a building for $530,000. The company hired an appraiser who has determined that the market value of the land is $320,000 and that of the building is $480,000. At what amount should the company record the cost of land? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

A) $349,800

B) $128,000

C) $265,000

D) $212,000

Question 2: Westin Delivery Service Company owns a delivery truck. Which of the following costs, associated with the truck, will be treated as a revenue expenditure?

A) oil change and lubrication

B) major engine overhaul

C) modification for new use

D) addition to storage capacity

Question 3: A company's accountant capitalized a payment that should have been recorded as a revenue expenditure. How will this error affect the company's financial statements?

A) Net income will be overstated.

B) Revenues will be understated.

C) Assets will be understated.

D) Liabilities will be understated.

Reference no: EM132727118

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