D) current intangible ass sheet e statement 21. ABC Co. purchased a parcel of land for $300,000. It paid attorney fees of $2,000 to verify title to the land. In addition, it paid a broker's fee of $5,000 to help find a suitable parcel of land. This parcel of land should be recorded in the accounting records for A) $300,000. B) S302,000. C) $305,000. D) $307,000. 22. The Tasman Company purchased land for $150,000. The cost to demolish the existing building and prepare the land for a new building to buy the land was $9,000. What amount should be recorded in Tasman's accounting records for the cost of the land? A) $179,000 B) $150,000 C) $159,000 D) $170,000 was $20,000. The real estate commission paid 23. Generally, freight costs incurred when a long-lived asset is purchased should be: A) expensed in the period incurred. B) deducted from the Accumulated Depreciation account. C) added to the cost of the asset. D) not recorded in the accounts. 24. Ifa truck's engine is overhauled for $8,000, the journal entry would normally include a debit to: A) Vehicles. B) Accounts Payable. C) Depreciation Expense. D) Cash. 5. A company began the year with Property and Equipment costing $680,000 and accumulated epreciation of S120,000. The only change affecting the long-lived assets account during the ar is the $55,000 of depreciation expense that must be recorded for the year. What is the