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On December 1, 2020, Firm ABC purchased land for $84,000 cash. The following land-related costs were also incurred: Commissions = $3,700 Title Insurance = $9,000
On December 1, 2020, Firm ABC purchased land for $84,000 cash. The following land-related costs were also incurred:
- Commissions = $3,700
- Title Insurance = $9,000
- Property taxes paid for the month of January 2021 = $2,600
At what amount would Firm ABC record the land?
| a. | $96,700 | |
| b. | $90,300 | |
| c. | $84,000 | |
| d. | $95,600 |
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Financial Accounting
Authors: Michael J. Jones
1st Edition
0470058986, 978-0470058985
