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On March 1 , 2 0 2 2 , Boyd Company acquired real estate, on which it planned to construct a small office building, by
On March Boyd Company acquired real estate, on which it planned to construct a small office building, by paying $ in cash. An old warehouse on the property was demolished at a cost of $; the salvaged materials were sold for $ Additional expenditures before construction began
included $ attorneys fee for work concerning the land purchase, $ real estate brokers fee, $ architects fee, and $ to put in driveways and a parking lot.
Instructions
a Determine the amount to be recorded as the cost of the land.
b For each cost not used in part a indicate the account to be debited.
Understand depreciation concepts
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