Pharoah Clinic purchases land for $490000 cash. The clinic assumes $5300 in property taxes due on the land. The title and attorney fees totaled $2600. The clinic had the land graded for $6400. What amount does Pharoah Clinic record as the cost for the land? $497900. $496400. $490000. $504300.
Pharoah Clinic purchases land for $490000 cash. The clinic assumes $5300 in property taxes due on the land. The title and attorney fees totaled $2600. The clinic had the land graded for $6400. What amount does Pharoah Clinic record as the cost for the land? $497900. $496400. $490000. $504300.
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 38P
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Pharoah Clinic purchases land for $490000 cash. The clinic assumes $5300 in property taxes due on the land. The title and attorney fees totaled $2600. The clinic had the land graded for $6400. What amount does Pharoah Clinic record as the cost for the land?
$497900.
$496400.
$490000.
$504300.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT