Cost of Fixed Assets
Mooney Sounds, a local stereo retailer, needed a new store because it had outgrown the leased space it had used for several years. Mooney acquired and remodeled a former grocery store. As a part of the acquisition, Mooney incurred the following costs:
Required:
1. Determine the cost of the land and the building.
2. CONCEPTUAL CONNECTION If management misclassified a portion of the building’s cost as part of the cost of the land, what would be the effect on the financial statements?
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