Nash's Trading Post, LLC purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: purchase price, $55,000; broker’s fees, $6,000; title search and other fees, $5,000; demolition of an old building on the property, $5,700; grading, $1,200; digging foundation for the road, $3,000; laying and paving driveway, $25,000; lighting $7,500; signs, $1,500.List the items and amounts that should be included in the Land account. select an expenditure Digging Foundation for the RoadLand Acquisition CostTitle Search and Other FeesGradingLaying and Paving DrivewayDemolition of Old BuildingPurchase PriceLightingSignsBroker’s Fees $enter a dollar amount select an expenditure Purchase PriceLightingDemolition of Old BuildingTitle Search and Other FeesBroker’s FeesSignsLaying and Paving DrivewayLand Acquisition CostDigging Foundation for the RoadGrading enter a dollar amount select an expenditure Digging Foundation for the RoadBroker’s FeesGradingLightingDemolition of Old BuildingLand Acquisition CostSignsTitle Search and Other FeesLaying and Paving DrivewayPurchase Price enter a dollar amount select an expenditure LightingLand Acquisition CostPurchase PriceDigging Foundation for the RoadTitle Search and Other FeesSignsDemolition of Old BuildingGradingLaying and Paving DrivewayBroker’s Fees enter a dollar amount select an expenditure SignsLaying and Paving DrivewayBroker’s FeesPurchase PriceDemolition of Old BuildingLightingGradingLand Acquisition CostDigging Foundation for the RoadTitle Search and Other Fees enter a dollar amount select a closing Land account item SignsLand Acquisition CostBroker’s FeesGradingDemolition of Old BuildingDigging Foundation for the RoadLightingTitle Search and Other FeesPurchase PriceLaying and Paving Driveway $enter a total dollar amount
Nash's Trading Post, LLC purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: purchase price, $55,000; broker’s fees, $6,000; title search and other fees, $5,000; demolition of an old building on the property, $5,700; grading, $1,200; digging foundation for the road, $3,000; laying and paving driveway, $25,000; lighting $7,500; signs, $1,500.List the items and amounts that should be included in the Land account. select an expenditure Digging Foundation for the RoadLand Acquisition CostTitle Search and Other FeesGradingLaying and Paving DrivewayDemolition of Old BuildingPurchase PriceLightingSignsBroker’s Fees $enter a dollar amount select an expenditure Purchase PriceLightingDemolition of Old BuildingTitle Search and Other FeesBroker’s FeesSignsLaying and Paving DrivewayLand Acquisition CostDigging Foundation for the RoadGrading enter a dollar amount select an expenditure Digging Foundation for the RoadBroker’s FeesGradingLightingDemolition of Old BuildingLand Acquisition CostSignsTitle Search and Other FeesLaying and Paving DrivewayPurchase Price enter a dollar amount select an expenditure LightingLand Acquisition CostPurchase PriceDigging Foundation for the RoadTitle Search and Other FeesSignsDemolition of Old BuildingGradingLaying and Paving DrivewayBroker’s Fees enter a dollar amount select an expenditure SignsLaying and Paving DrivewayBroker’s FeesPurchase PriceDemolition of Old BuildingLightingGradingLand Acquisition CostDigging Foundation for the RoadTitle Search and Other Fees enter a dollar amount select a closing Land account item SignsLand Acquisition CostBroker’s FeesGradingDemolition of Old BuildingDigging Foundation for the RoadLightingTitle Search and Other FeesPurchase PriceLaying and Paving Driveway $enter a total dollar amount
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles
Section: Chapter Questions
Problem 8.8MCP
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Nash's Trading Post, LLC purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: purchase price, $55,000; broker’s fees, $6,000; title search and other fees, $5,000; demolition of an old building on the property, $5,700; grading, $1,200; digging foundation for the road, $3,000; laying and paving driveway, $25,000; lighting $7,500; signs, $1,500.
List the items and amounts that should be included in the Land account.
select an expenditure Digging Foundation for the RoadLand Acquisition CostTitle Search and Other FeesGradingLaying and Paving DrivewayDemolition of Old BuildingPurchase PriceLightingSignsBroker’s Fees | $enter a dollar amount | ||
---|---|---|---|
select an expenditure Purchase PriceLightingDemolition of Old BuildingTitle Search and Other FeesBroker’s FeesSignsLaying and Paving DrivewayLand Acquisition CostDigging Foundation for the RoadGrading | enter a dollar amount | ||
select an expenditure Digging Foundation for the RoadBroker’s FeesGradingLightingDemolition of Old BuildingLand Acquisition CostSignsTitle Search and Other FeesLaying and Paving DrivewayPurchase Price | enter a dollar amount | ||
select an expenditure LightingLand Acquisition CostPurchase PriceDigging Foundation for the RoadTitle Search and Other FeesSignsDemolition of Old BuildingGradingLaying and Paving DrivewayBroker’s Fees | enter a dollar amount | ||
select an expenditure SignsLaying and Paving DrivewayBroker’s FeesPurchase PriceDemolition of Old BuildingLightingGradingLand Acquisition CostDigging Foundation for the RoadTitle Search and Other Fees | enter a dollar amount | ||
select a closing Land account item SignsLand Acquisition CostBroker’s FeesGradingDemolition of Old BuildingDigging Foundation for the RoadLightingTitle Search and Other FeesPurchase PriceLaying and Paving Driveway | $enter a total dollar amount |
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