43. Rowland Company reported the following balances at June 30, 2011 Sales Sales Returns and Allowances Sales Discounts Cost of Goods Sold $16,200 600 300 7,500 Net sales for the month is A) $7,800 B) $15,600. -C) $15,300. D) $16,200 44. A company purchased land for $70,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the cost principle, the cost of land would be recorded at A) $82,000 B) $70,000. C) $75,000. D) $77,000. 45. On January 15, 2011, Raymond Company received a two-month, 9%,$5,000 note from william Pentel for the settlement of his open account. The entry by Raymond Company on January 15, 2011 would include a: A) credit of $5,000 to Notes Receivable. B) credit of $5,075 to Accounts Receivable. C) debit of $5,075 to Notes Receivable D) debit of $5,000 to Notes Receivable 46. Land improvements are generally charged to the Land account. A) True B) False 47. Goods that have been purchased FOB destination but are in transit, should be excluded from a physical count of goods. A) True B) False 48. Inventory is reported in the financial statements at A) cost. B) market. C) the lower-of-cost-or-market. D) the higher-of-cost-or-market