Bachman, Inc. plans to develop a shopping center. In the first quarter, the following amounts were spent:

Acquisition of land	$ 25 comma 000$25,000
Surveys and legal fees	1 comma 1001,100
Land clearing	1 comma 2001,200
Fencing	1 comma 0001,000
Install lighting and signage	1 comma 8601,860

What amount should be recorded as the cost of the land in the corporation's books?

38-

ulip Corporation purchased equipment for $58,000 on January 1, 2017. On December 31, 2019, the equipment was sold for $24,000. Accumulated Depreciation as of December 31, 2019 was $33,000. Calculate gain or loss on the sale.

A.

$1,000 loss

B.

$33,000 loss

C.

$1,000 gain

D.

no gain no loss