Vijay Inc. purchased a three-acre tract of land for a building site for $320,000.
On the land was a building with an appraised value of $120,000.
The company demolished the old building at a cost of $12,000, but was able to sell scrap from the building for $1,500.
The cost of title insurance was $900 and attorney fees for reviewing the contract were $500.
Property taxes paid were $3,000, of which $250 covered the period subsequent to the purchase date.
The capitalized cost of the land is:
a. $336,400.
b. $336,150.
c. $334,650.
d. $201,150.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Vijay Inc. purchased a three-acre tract of land for a building site for $320,000. On the land was a building with an appraised value of ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly.
Answers (1)
Why is functional finance difficult to implement? 1. Financing the deficit often has offsetting effects, and the government doesn't always know how its policies will affect the economy. 2.
Answers (1)
LO 1.5Describe what is meant by the term ""balanced"" in the term balanced scorecard method.
Answers (1)
Expansionary fiscal policy is so named because it a. involves an expansion of the nation's money supply. . necessarily expands the size of government. c. is designed to expand real GDP. d. is aimed at achieving greater price stability.
Answers (1)
At which stage does the idea finally convert into a prototype product
Answers (1)
New Questions in Business
It is difficult to imitate a distinctive competence because: a. its nature might not be understood by competing firms. b. its application will lead to competitive parity. c. it might not be applicable to a competing firms' products. d.
Answers (1)
Palmer Music manufactures and sells MP3 players and sound systems that include a 180-day warranty on product defects. The company also sells 2-year extended warranties.
Answers (2)
Keithomp, a company that manufactures and exports candies, sells different flavors of candy depending on the taste preferences of the country that it supplies to.
Answers (1)
Kane Company's employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay even if employment terminates).
Answers (1)
Digg Co. installs a manufacturing machine in its factory at the beginning of the year at a cost of $36,000. The machine's useful life is estimated at 10 years, or 300,000 units of product, with a $6,000 salvage value.
Answers (1)