122. On December 1, 20x1, Bod Co. purchased a 400,000 tract of land for a factory site....
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Question:
122. On December 1, 20x1, Bod Co. purchased a 400,000 tract of land for a factory site. Bod razed an old building on the property to make way for the construction of the new factory. Bod sold the materials it salvaged from the demolition. Bod incurred additional costs and realized salvage proceeds during December 20x1 as follows:
Demolition of old building 50,000
Legal fees for purchase contract and recording ownership 10,000
Title guarantee insurance 12,000
Proceeds from sale of salvaged materials 8,000
In its December 31, 20x1 statement of financial position, Bod should report a balance in the land account of?
- Answer not given
- P464,000
- P442,000
- P460,000
- P422,000
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