During the current year, Alanna Co. had the following transactions pertaining to its new office building. Purchase price of land $120,000 Legal fees for contracts to purchase land 5,000 Architech fees 15,000 Demolition of the old building on site 12,000 Sale of scrap from old building 7,000 Construction cost of new building 680,000 A. What should Alanna Co. record on its books for the land? The total cost of land includes all costs of preparing the land for use. The demolition cost of the old building is added to the land costs, and the sale of the old building scrap is subtracted from the land cost. $1 B. What should Alanna Co. record on its books for the building?

During the current year, Alanna Co. had the following transactions pertaining to its new office building. Purchase price of land $120,000 Legal fees for contracts to purchase land 5,000 Architech fees 15,000 Demolition of the old building on site 12,000 Sale of scrap from old building 7,000 Construction cost of new building 680,000 A. What should Alanna Co. record on its books for the land? The total cost of land includes all costs of preparing the land for use. The demolition cost of the old building is added to the land costs, and the sale of the old building scrap is subtracted from the land cost. $1 B. What should Alanna Co. record on its books for the building?

Name: During the current year, Alanna Co. had the followingtransactions per
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Description: During the current year, Alanna Co. had the followingtransactions pertaining to its new office building.Purchase price of land$120,000Legal fees for contracts to purchase land5,000Architech fees15,000Demolition of the old building on site12,000Sale

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 3PB: During the current year, Alanna Co. had the following transactions pertaining to its new office...

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