1. A Bravo company purchased a three-acre tract of land for a building site for $350,000. The company demolished the old building at a cost of $12,000 but was able to sell scrap from the building for $1,500. The cost of title insurance was $900 and attorney fees for reviewing the contract was $500. Property taxes paid were $3,000, of which $250 covered the period after the purchase date. The capitalized cost of the land is:

2. The following financial information is from Cook Company:

Accounts Payable$55,000

Land$90,000

Inventory$10,500

Accounts Receivable$7,500

Equipment$8,000

Deferred Revenue$58,500

Short-Term Investments$20,000

Notes Receivable (due in 8 months)$45,500

Interest Payable$2,000

Patents$75,000

What is the total amount of long-term assets assuming the accounts above reflect normal activity?

3. Away Travel filed suit against West Coast Travel seeking damages for copyright violations. West Coast Travel's legal counsel believes it is reasonably possible that West Coast Travel will settle the lawsuit for an estimated amount in the range of $100,000 to $200,000, with all amounts in the range considered equally likely.

How should West Coast Travel report this litigation?