Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 2. clair company acquires a piece of land on which

2. Clair Company acquires a piece of land on which it intends to build a...

90.2K

Verified Solution

Question

Accounting

image
2. Clair Company acquires a piece of land on which it intends to build a factory to produce its primary product. The land is listed for sale at $360,000, but Clair Company's real estate broker is able to negotiate a sales price of $300,000. The land contains an old office building that is razed at a cost of $25,000 ($29,000 in costs less $4,000 proceeds from salvaged materials). Clair Company pays a commission to the real estate broker of $25,000 and an attorney's fee of $3,000. On its statement of financial position at December 31, 2020, what amount will Clair Company record as the cost of the land? (2 points) $399.000 $325,000 $384.000 $353,000 aces the units-of-activity

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

The following is the summarized financial information of NumberHolding Limited for the year ended...

Medical Sciences
1.2K views

The temperature yesterday was an uncomfortable 98°F. You unwisely chose to play tennis at noon, counting...

Electrical Engineering
1.2K views

   ketch labelled diagrams of a field effect transistor and an NPN transistor and describe how...

Physics
1.2K views

one mole of an ideal monoatomic gas is taken through process AB given by P...

Physics
1.2K views

29 An astronaut has landed on Planet N gravity on that planet She uses a...

Basic Math
1.2K views

Determine the amplitude, period, any vertical translation, and any phase shift of the given graph.y=-2...

Statistics
1.2K views

In a survey of U.S. adults with a sample size of 2003, 358 said Franklin...

Calculus
1.2K views

Rewrite as an algebraic expression in terms of b Assume all angles are in Quadrant...

Calculus
1.2K views

Graph the following function y sin 1 Drag the black dot to shift your graph...

Algebra
1.2K views

Rewrite the equation in vertex form by completing the square Then determine the vertex Input...

Accounting
1.2K views

Yost received 300 NQOs (each option gives Yost the right to purchase 10 shares of...

Accounting
1.2K views

18) Held to maturity securities is a long-term investment. Any unrealized gain or loss should...