Identify the type of financial statement the given items will appear.

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Chapter 6, Problem 67EB

To determine

Identify the type of financial statement the given items will appear.

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At the beginning of the current year, EZE Company reported land P3,200,000 and building P7,500,000. During the current year, the following transactions occurred: A piece of land was acquired for P1,600,000. To be able to acquire the land, P200,000 was paid to a real estate agent, and P100,000 was incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for P75,000 A second piece of land with a building was acquired for P5,400,000. The appraiser valued the land at P2,000,000 and the building at P1,000,000. Shortly after acquisition, the building was demolished at a cost of P100,000. A new building was constructed at a cost of P5,000,000 plus excavation fee P80,000, architect fee P120,000 and building permit P70,000. A third piece of land was acquired for P2,000,000 and was held for undetermined use. What total cost of land should be reported under property, plant and equipment? Group of answer choices 10,625,000…

At the beginning of the current year, EZE Company reported land P3,200,000 and building P7,500,000. During the current year, the following transactions occurred: A piece of land was acquired for P1,600,000. To be able to acquire the land, P200,000 was paid to a real estate agent, and P100,000 was incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for P75,000 A second piece of land with a building was acquired for P5,400,000. The appraiser valued the land at P2,000,000 and the building at P1,000,000. Shortly after acquisition, the building was demolished at a cost of P100,000. A new building was constructed at a cost of P5,000,000 plus excavation fee P80,000, architect fee P120,000 and building permit P70,000. A third piece of land was acquired for P2,000,000 and was held for undetermined use. What is the total cost of the building? Group of answer choices 14,670,000 14,570,000 12,870,000 12,770,000

A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $62,000; the land at $35,000, and the parking lot at $18,000. Land should be recorded in the accounting records with an allocated cost of: $35,000. $0. $30,435. $46,087. $100,000.