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 O b. $1,200,000 C. $1,260,000 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: O a. Debit: Cash Dividends 50,000 50,000 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 AVEVE RICA DI Ladil spring 2020 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: O a. LIFO o b. Specific identification c. Weighted Average d. FIFO Limpimo 2020 Question 35 Not yet answered Points out of 1.00 p Flag question The accounting equation states: Select one: a. Assets + Stockholders' Equity - Liabilities O b. None of the above O c. Assets = Liabilities - Stockholders' Equity o d. Assets + Liabilities - Stockholders' Equity o e. Assets = Liabilities + Stockholders' Equity AVON Question 36 Not yet answered Points out of 1.00 p Flag question In the closing process for a corporation, the Cash Dividends account is closed to: Select one: Dividends Payable O b. Retained Earnings Common Stoc