QuestionGagner Clinic purchases land for $130,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,0
15 May QuestionGagner Clinic purchases land for $130,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,0
Gagner Clinic purchases land for $130,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Gagner Clinic record as the cost for the land?
$130,000
$134,700
$132,200
$132,500
Multiple Choice, Question 65
Hull Company acquires land for $86,000 cash. Additional costs are as follows:
Removal of shed
$300
Filling and grading
1,500
Salvage value of lumber of shed
120
Broker commission
1,130
Paving of parking lot
10,000
Closing costs
560
Hull will record the acquisition cost of the land as
$89,610.
$86,000.
$89,370.
$87,690.
Engler Company purchases a new delivery truck for $45,000. The sales taxes are $3,000. The logo of the company is painted on the side of the truck for $1,200. The truck license is $120. The truck undergoes safety testing for $220. What does Engler record as the cost of the new truck?
$48,000
$49,540
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