A company purchased land for HK$80,000 cash. Real estate brokers' comr was HK$5,000 and HK$7,000was spent to demolish an old building on the before construction of a new building could start. The costrecorded for thSelect one: a. HK$92,000. b. HK$80,000. C. HK$87,000. d. HK$85,000. Next

Purchase Price80000Broker's Commission5000Cost of the land 85000Explanation:Step 1: Add the purchase…

Answered: A company purchased land for HK$80,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Keaubie Co. Purchased laying at a cost of 250,000 cash the property had a building on it that was demolished at a cost of $10,000 proceeds from salvaged materials from the demolition amount it to 2100 attorney fees were 3100 in the real estate brokers commission was 2450 determine the cost of land journalize the purchase
3
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A company purchased land for HK$80,000 cash. Real estate brokers' comr was HK$5,000 and HK$7,000 was spent to demolish an old building on the before construction of a new building could start. The cost recorded for thSelect one: a. HK$92,000. b. HK$80,000. C. HK$87,000. d. HK$85,000. Next