Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company purchased land for 90,000 cas. real esta

A company purchased land for 90,000 cas. real estate brokers' commission was $5,000 and $7,000...

70.2K

Verified Solution

Question

Accounting

A company purchased land for 90,000 cas. real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old buidling on the land before construction of a new building could start. Under the historical cost principle, the cost of land would be recorded at

a. $107,000

b. $90,000

c. $70,000

d. $102,000

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

Biology
1.2K views

WATER HAS MANY UNIQUE PROPERTIES THAT MAKE IT ESSENTIAL TO LIFE ON EARTH. THESE PROPERTIES ARE DUE...

Physics
1.2K views

7 A wire has a mass 0 3 0 003 g radius 0 5 0...

Basic Math
1.2K views

You rent an apartment that costs 1100 per month during the first year but the...

Basic Math
1.2K views

Evaluate 5151 2 7 Simplify your answer as much as possible 0 00 010 03

Basic Math
1.2K views

Rey wanted to buy a headset worth Php 500 so he saved Php 5 on...

Basic Math
1.2K views

While warming up for a game, two basketball players shoot balls in parabolic paths. The...

Statistics
1.2K views

The accompanying data represent the monthly rate of return of a certain company s common...

Accounting
1.2K views

In a regression analysis, t-test is to evaluate _____________________. Group of answer choices the significance...

Accounting
1.2K views

[The following Information applies to the questlons displayed below.] A manufacturer reports the following...

Accounting
1.2K views

Question 9.2 Guasman Company produces products R, J, and C from a joint production...

Accounting
1.2K views

The direct labour budget of Yuwwell Corporation for the upcoming fiscal year contains the following...

Finance
1.2K views

A loan, amortized over 15 years, is repaid by making payments of $700 at the...