Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. vijay inc. purchased a three-acre tract of land fo

Vijay Inc. purchased a three-acre tract of land for a building site for $350,000. On...

90.2K

Verified Solution

Question

Accounting

imageimage

Vijay Inc. purchased a three-acre tract of land for a building site for $350,000. On the land was a building with an appralsed value of $122,000. The company demolished the old bullding at a cost of $11,300, but was able to sell scrap from the building for $1,650. The cost of title Insurance was $880 and attorney fees for reviewing the contract were $540. Property taxes pald were $3,900, of whlch $310 covered the perlod subsequent to the purchase date. The capitalized cost of the land Is: O $229,190 O $366,620 O $364,660. O $366,310

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

Finance
1.2K views

At an output level of 18,000 units, you have calculated that the degree of operating leverage...

Programming
1.2K views

Implement function get_contact(contacts, name) that returns a string. The contacts and the name parameter are both type...

Mechanical Engineering
1.2K views

Solve Q1 and Q2 by matlab : Q1: Based on what you learned about thermophysical properties library,...

General Management
1.2K views

use any online video that tours a store, or you may tour your own home and...

Accounting
1.2K views

Measures of liquidity, The ability of a company to make its periodic interest payments and repay...

Basic Math
1.2K views

1 Drag the numbers below to the correct area 0 2 0 05 1 5...

Statistics
1.2K views

1 Circle your answer using one of the three options presented below and draw a...

Accounting
1.2K views

Diversified Products, Inc., has recently acquired a small publishing company that offers three books for...

Accounting
1.2K views

Following is an alphabetical list of the assets, liabilities, revenues, and expenses of...

Accounting
1.2K views

Exercise 17-09 At...

Accounting
1.2K views

how does activity-based budgeting predict a costs objective budget

Finance
1.2K views

itieay? 1240046 Mat bee: star 300 itieay? 1240046 Mat bee: star 300