finanicail Accounting Lina Co. acquired a piece of land for a .1 new factory...
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Accounting
finanicail Accounting
Lina Co. acquired a piece of land for a .1 new factory by paying $100,000. Lina demolished the old building at a cost of $10,000, and sold scrapped material salvaged from the old building for $3,000. Lina paid an architect $5,000, and the title insurance upon acquisition of the land was $1,000. The construction period interest was $8,000, and the contractor received $200,000 for the building The cost of the land recorded by Lina Co. * is (1 ) $97,000 $110,000 $111,000 $108,000
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