Question
On July 1, 2018, Larkin Co. purchased a $520,000 tract of land that is intended to be the site of a new office complex. Larkin
On July 1, 2018, Larkin Co. purchased a $520,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2018 as follows:
| Demolition of existing building on site | $ | 83,000 | |
| Legal and other fees to close escrow | 12,600 | ||
| Proceeds from sale of demolition scrap | 8,600 | ||
What would be the balance in the land account as of December 31, 2018?
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Financial Statement Analysis And Earnings Forecasting In Accounting
Authors: Steven J Monahan
1st Edition
1680834509, 978-1680834505
