Feather Supplies Inc. recently purchased the land adjacent to its downtown location to use as a parking lot. The purchase price of the land was $55,000. The legal fees were $1,200, and the cost to remove an old shed on the land was $3.600. At what cost would the land be recorded in the company's accounting records? $55,000 $56,300 $58,600 $59,800 The Land account would include all of the following costs except drainage costs. the cost of tearing down a building. the cost of building a parking lot. title fees. Which of the following combinations reflects intangible assets with a finite life? trademarks and brands brands and trade names copyrights and trademarks copyrights and patents Which of the following statements pertaining to instalment notes with blended principal and interest payments is correct? The portion of each instalment applied to the interest and principal will remain constant. The portion of the instalment applied to the principal will increase, while the portion applied to the interest will decrease over time. The portion of the instalment applied to the principal will decrease, while the portion applied to the interest will increase over time. The portion of the instalment applied to the interest will depend on prevailing market interest rates, with the difference being applied to the principal. Which of the following statements is false? With blended principal and interest payments, the equal periodic payments result in the interest portion increasing each period. With blended principal and interest payments, the equal periodic payments result in the principal portion increasing each period. With blended principal and interest payments, the equal periodic payments result in the interest portion decreasing each period. With blended principal and interest payments, the equal periodic payments are constant each period