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  3. in 2022, horton company purchased a tract of land

In 2022, Horton Company purchased a tract of land that contained valuable sulfur deposits for...

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Accounting

image In 2022, Horton Company purchased a tract of land that contained valuable sulfur deposits for 2,250,000. Horton Company incurred 400,000 in exploration costs and geological surveys indicate that there are 550,000 tons of sulfur that could be extracted. Horton will record these transactions by debiting 2,250,000 to an asset account and debiting 400,000 to an expense account. debiting 2,650,000 to an expense account. debiting 2,250,000 to an expense account and debiting 400,000 to an asset account. debiting 2,650,000 to an asset account

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