Question
The following 4 costs were incurred for Celadon Inc. to acquire and prepare land for a new parking lot: Purchase price of land: $950,000 Cost
The following 4 costs were incurred for Celadon Inc. to acquire and prepare land for a new parking lot:
Purchase price of land: $950,000 Cost to clear the land: $55,000
Cost of paving the lot: $35,000 Cost of lighting the parking lot: $12,000
How much should be recorded in the Land Improvements account on Celadon Inc.s balance sheet?
| a. | $47,000 |
| b. | $90,000 |
| c. | $102,000 |
| d. | $1,052,000 |
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Auditing And Systems Objective Questions And Explanations Comprehensive And Systematic Covarage Of Auditing Including The Most Recent Authoritative Pronouncements
Authors: Irvin N. Gleim
7th Edition
0917539672, 978-0917539671
