The following costs were incurred by Shumway Company in purchasing land: cash price, $85,000; legal fees, $1,500;
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The following costs were incurred by Shumway Company in purchasing land: cash price, $85,000; legal fees, $1,500; removal of old building, $5,000; clearing and grading, $3,500; installation of a parking lot, $5,000.
(a) What is the cost of the land?
(b) What is the cost of the land improvements?
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Related Book For
Principles Of Financial Accounting
ISBN: 9781118757147
1st Canadian Edition
Authors: Jerry J. Weygandt, Michael J. Atkins, Donald E. Kieso, Paul D. Kimmel, Valerie Ann Kinnear, Barbara Trenholm, Joan E. Barlow
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