10. A corporation issued debt to purchase 10 acres of land for development purposes. Expenditures related to this purchase are as follows: Description Amount Purchase price $1,000,000 Real estate taxes in arrears 15,000 Debt issuance costs 2,000 Attorney fee -- title search on land 5,000 The company should record its acquisition of the land in its financial statements at a value of a. $1,000,000 b. $1,015,000 c. $1,020,000 2.According to IFRS, which accounting policy may an entity apply to measure investment property in periods subsequent to initial recognition? a. Cost model or revaluation model. b. Cost model or fair value model. c. Fair value model only. d. Fair value model or revaluation model.

11.

Beck Co.s inventory is as follows:

Beginning inventory		10 trees at	$ 50
March 4	purchased	6 trees at	55
March 12	sold	8 trees at	100
March 20	purchased	9 trees at	60
March 27	sold	7 trees at	105
March 30	purchased	4 trees at	65

What was Becks cost of goods sold using the last-in, first-out (LIFO) perpetual method?

$910

$850

$808

$775

12.

Fact pattern: During January, Metro Co., which maintains a perpetual inventory system, recorded the following information pertaining to its inventory:

	Units	Unit Cost	Total Cost	Units on Hand
Balance on 1/1	1,000	$1	$1,000	1,000
Purchased on 1/7	600	3	1,800	1,600
Sold on 1/20	900			700
Purchased on 1/25	400	5	2,000	1,100

Under the moving-average method, what amount should Metro report as inventory at January 31?

$2,640

$3,225

$3,300

$3,900

13.

According to IFRS, which accounting policy may an entity apply to measure investment property in periods subsequent to initial recognition?

Cost model or revaluation model.

Cost model or fair value model.

Fair value model only.

Fair value model or revaluation model