Question
33. A company paid $125,000, plus a 9% commission and $7,000 in closing costs for a property. The property included land appraised at $85,000, land
33. A company paid $125,000, plus a 9% commission and $7,000 in closing costs for a property. The property included land appraised at $85,000, land improvements appraised at $34,000, and a building appraised at $51,000. What should be the allocation of this property's costs in the company's accounting records?
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To allocate the costs of the property in the companys accounting records we need to proportionally a...
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Fundamental Accounting Principles Volume 1
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
17th Canadian Edition
1260881326, 9781260881325
