o Great Plains Corporation purchases land for $550,000. In addition, the corporation also pays $2,200 for a survey fee and $3,100 for broker commissions. The corporation paid cash. The journal entry would be: O A. Land Cash 550,000 550,000 OB. Land Cash 555,300 555,300 OC. Land Notes Payable 555,300 555,300 OD. Land Broker & Survey Expense Cash 550,000 5,300 555,300 An oil well cost $1,832,500 and is calculated to hold 190,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 40,000 barrels of oil during the year? All 40,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.) O A. Cost of Goods Sold - Oil Reserve Accumulated Depletion - Oil Reserve 385,600 385,600 B. Depletion Expense - Oil Reserve Oil Revenue 385,600 385,600 O c. Oil Reserve Inventory Accumulated Depletion - Oil Reserve 385,600 385,600 385,600 OD. Depletion Expense - Oil Reserve Accumulated Depletion - Oil Reserve 385,600 Palmer, Inc. purchased land with an existing building that it plans to tear down and then build a new building. In the first quarter, the following amounts were incurred: Acquisition of land $245,000 Architectural Fee 25,400 Lawn sprinkler system 2,700 Surveys and legal fees 12,000 Land clearing 11,300 Cost to tear down old building 10,900 Contractor charges for new building 84,000 Fencing 18,000 Material and labor cost for building 670,000 Install lighting and signage 1,000 O A. $847.300 OB. $779,400 O C. $713,400 OD. $790,300