Question 32 Not yet answered Points out of 1,00 Flag question Boyle Company purchased a property (including land and building). The company acquired the property in exchange for a 15. year mortgage for $1,800,000. Their insurance company appraised the components as follows: Land $400,000 Building $1,400,000 Parking Lot $200,000 What should be the cost basis for the building? Select one: a. $1,244,444 O b. $1,200,000 O C. $1,260,000 O d. 51,400,000 Question 33 Not yet answered Points out of 1,00 p Flag question The Groom company has 50,000 shares of $10 par value common stock outstanding when it declares a dividend of $1 per share. What would be the journal entry for the declaration of the cash dividends? Select one: a. Debit: Cash Dividends 50,000 50,000 O 50,000 O Credit: Dividends Payable - Common Stock b. Debit: Cash 50,000 Credit: Cash Dividends C. Debit: Cash Dividends 50,000 Credit: Cash 50,000 d. Debit: Dividends Payable . Common Stock Credit: Cash O 50,000 50,000 Question 34 Not yet answered Points out of 1.00 p Flag question Primarily for tax reasons what is the most widely used inventory method in the United States? Select one: a. LIFO O b. Specific identification O C Weighted Average d. FIFO