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Middle City General Hospital purchases a parcel of land for $100,000 to install a new parking lot. Land clearing costs $5,000. The paving of
Middle City General Hospital purchases a parcel of land for $100,000 to install a new parking lot. Land clearing costs $5,000. The paving of the new parking lot costs $25,000 and the lights to illuminate the parking lot cost $13,000. Which of the following statements is true with respect to these expenditures? The total amount debited to Land should be $105,000. The total amount debited to Lighting Expense should be $13,000. The total amount debited to Land should be $143,000. The total amount debited to Land Improvements should be $43,000. None of the above.
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