Question
Whyte Clinic purchases land for $420,000 cash. The clinic assumes $4,500 in property taxes due on the land. The title and attorney fees totaled $3,000.
Whyte Clinic purchases land for $420,000 cash. The clinic assumes $4,500 in property taxes due on the land. The title and attorney fees totaled $3,000. The clinic had the land graded for $6,600. What amount does Whyte Clinic record as the cost for the land?
| A. | $427,500. | |
| B. | $426,600. | |
| C. | $420,000. | |
| D. | $434,100. |
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Accounting Business Reporting For Decision Making
Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver, David Bond
7th Edition
0730369323, 9780730369325
