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answers are right/wrong, if wrong please help me understand

1. W Corp. has the following account balances related to a building as of January 1, 2023: Building $ 6,000,000 Accumulated Dereciation(throuh 12/31/22) $ 5,000,000 The building was purchased several years ago and has been used in the business. In January of 2023, the following transactions occurred related to the building: I On January 1, the building was demolished at the cost of $30,000 cash. 0 On January 10, scrap metal generated from the demolition was sold for $10,000 cash. 0 On January 25, W Corp. recorded the full disposal of the building. The January 25 journal entry should include a: A. Loss of $1,000,000 B. Loss of $1,010,000 C. Loss of $1,030,000 D. Loss of$1,040,000 E. Loss of$1,020,000 2. Blue Inc. purchased 15 acres of land for $300,000 in cash with plans to build a new building on the site. The land had an old building on it at the time of purchase that was immediately demolished on the purchase date at a cost of $9,000. Blue sold the salvaged material from the old building for $5,000 in cash. Blue also incurred the following costs related to the land: Commissions paid, $8,000 Title insurance, $3,000 Land survey, $1,000 Grading of the land, $7,000 What should be the capitalized cost of the land? A. $314,000 B. $323,000 c. $333,000 D. $328,000 E. $319,000 8. 10. On 7f1f23, Red Corp. borrowed funds on a 9%, one-year note to nance the construction of a new building to be used for its own purposes. Construction on the project began on 8f1f23 and was completed on 11f1f23. Rounded to the nearest whole month, how many total months in 2023 should interest be capitalized under the interest capitalization rules? A. 3 months B. 4 months C. 5 months D. 6 months E. 12 months Brown Corp. is a land developer. It purchases and develops land to sell as part of its normal business operations. Its operating cycle is less than one year. In December of this year, it purchased land to develop and sell. The land was not sold as of December 31. Where should the cost of this land be reported on Brown Corp. '5 nancial statements? A. It should be reported in an \"Inventory\" account in the current asset section. B. It should be reported in an \"Inventory\" account in the PP&E section. C. It should be reported in a \"Land\" account in the long-term (or PP&E) section. D. It should be reported as part of the \"Cost of Goods Sold\" account on the income statement. Costs incurred for land improvements are generally depreciable. A. True B. False 3. Assume a company pays delinquent property taxes totaling $3,000 related to a new land purchase. The payment of these taxes was a condition of the purchase. The journal entry to record this payment should include a credit to \"Cash\" and a debit to which account? . Property Taxes Payable Land Property Tax Expense . Accumulated Depreciation Loss on Purchase of Property mcow> 4. Which of the following costs would most likely be capitalized in an account called \"Land Improvements\"? A. Costs associated with clearing the land for its intended business use B. Costs associated with paving and fencing on the land C. Costs associated with constructing a building on the land 5. Which of the following costs is not typically capitalized as part of an asset's cost? . Initial testing costs Costs of insurance during the construction period Transportation costs while the asset was in transit . Installation costs Purchase price of a service contract for routine maintenance costs mcnw> 6. Interest costs related to which of the following assets qualify for interest capitalization? A. An asset a company manufactures and sells on a routine basis. B. An asset ready for its intended use at the time of purchase. C. An asset a company constructs as a discrete project for sale or lease, or an asset a company constructs for its own use. D. All of the above 7. Assuming interest costs related to an asset qualify for interest capitalization, which of the following best describes the determination of how much interest should be capitalized? . The amount capitalized should be the average between the actual and avoidable interest amounts. The amount capitalized should be the higher of the actual or avoidable interest amounts. The amount capitalized should be the lower of the actual or avoidable interest amounts. . The amount capitalized should always be the actual interest amount. The amount capitalized should always be the avoidable interest amount. wccw >