Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Farley Corporation purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in
purchasing the land were as follows: purchase price, $70,000; broker's fees, $6,000; title search and other fees, $5,000; demolition of
an old building on the property, $5,700; grading $1,200; digging foundation for the road, $3,000; laying and paving driveway. $25,000;
lighting $7,500; signs, $1,500.
List the items and amounts that should be included in the Land account.
$
$
Pina Colada Corp. purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in
purchasing the land were as follows: purchase price, $56,400; broker's fees, $6,440; title search and other fees, $5,440; demolition of
an old building on the property, $6,120; grading, $1,600; digging foundation for the road, $3,350; laying and paving driveway, $27,200
lighting $7,550; signs, $1,680.
List the items and amounts that should be included in the Land account.
$
24
Nash's Trading Post, LLC purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: purchase price, $55,000; broker’s fees, $6,000; title search and other fees, $5,000; demolition of an old building on the property, $5,700; grading, $1,200; digging foundation for the road, $3,000; laying and paving driveway, $25,000; lighting $7,500; signs, $1,500.List the items and amounts that should be included in the Land account.
select an expenditure Digging Foundation for the RoadLand Acquisition CostTitle Search and Other FeesGradingLaying and Paving DrivewayDemolition of Old BuildingPurchase PriceLightingSignsBroker’s Fees
$enter a dollar amount
select an expenditure Purchase PriceLightingDemolition of Old BuildingTitle Search and Other FeesBroker’s FeesSignsLaying and Paving…
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