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  1. business
  2. accounting
  3. entity b purchased land next to its headquarters t

Entity B purchased land next to its headquarters to be used as a parking lot....

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Accounting

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Entity B purchased land next to its headquarters to be used as a parking lot. It incurred the following costs: Purchase price 150,000 Broker's fees $12,000 Title search $1,100 Demolition of a garage on the property $3,000 Paving costs $20,000 Lighting for parking lot $15,000 Signs for parking lot $3,000 What is the amount that should be debited to the Land Improvements account? $166,100$201,100$38,000 None of the answer choices are correct. 3 points On January 1,2024 , Entity D issued $1,000,000 of 6%,5-year bonds at 104 . The bonds pay interest annually on December 31 and Entity D amortizes any premium or discount using the straight-line method. These bonds were issued at par of $1,000,000. a premium of $8,000. a discount of $40,000. a premium of $40,000. 3 points Which of the following statements about depreciation is false? Depreciation expense and accumulated depreciation are reported on the income statement. Recording depreciation in each period is an application of the expense recognition (matching) principle. The balance in accumulated depreciation represents the total cost that has been charged to expense since placing an asset in service. Depreciation is required because of wear-and-tear and technological obsolescence

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