Only with answer is okay.

A company purchased land for $90,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the historical cost principle, the cost of land would be recorded at $107,000. $90,000. $70,000. $102,000. Wesley Hospital installs a new parking lot. The paving cost $40,000 and the lights to illuminate the new parking area cost $25,000. Which of the following statements is true with respect to these additions? $40,000 should be debited to the Land account. $25,000 should be debited to Land Improvements. $65,000 should be debited to the Land account. $65,000 should be debited to Land Improvements. Engler Company purchases a new delivery truck for $55,000. The sales taxes are $4,000. The logo of the company is painted on the side of the truck for $1,600. The truck license is $160. The truck undergoes safety testing for $290. What does Engler record as the cost of the new truck? $61,050 $60,890 $59,000 $60,600 Recording depreciation each period is necessary in accordance with the going concern principle. historical cost principle. expense recognition principle. asset valuation principle. Useful life is expressed in terms of use expected from the asset under the declining-balance method. straight-line method. units-of-activity method. none of these answer choices are correct. Equipment was purchased for $300,000. Freight charges amounted to $14,000 and there was a cost of $40,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $60,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be $70,800. $58,800 $49,200. $48,000. The Modified Accelerated Cost Recovery System (MACRS) is a depreciation method which is used for tax purposes. must be used for financial statement purposes. is required by the SEC. expenses an asset over a single year because capital acquisitions must be expensed in the year purchased