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Additional information: . The building acquired had a fair value of P450,000 while the land was currently appraised at P1,800,000 • P50,000 of the option money paid were for properties not acquired. . The executives had no participation on the remodeling of the building The property taxes were for the 2020 calendar year. How much is the cost of land? A. 1,992,320 B. 1,512,000 C. 2,288,000 D. 1,856,320

Additional information: . The building acquired had a fair value of P450,000 while the land was currently appraised at P1,800,000 • P50,000 of the option money paid were for properties not acquired. . The executives had no participation on the remodeling of the building The property taxes were for the 2020 calendar year. How much is the cost of land? A. 1,992,320 B. 1,512,000 C. 2,288,000 D. 1,856,320

FINANCIAL ACCOUNTING
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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Additional information: . The building acquired had a fair value of P450,000 while the land was currently appraised at P1,800,000 • P50,000 of the option money paid were for properties not acquired. . The executives had no participation on the remodeling of the building The property taxes were for the 2020 calendar year. How much is the cost of land? A. 1,992,320 B. 1,512,000 C. 2,288,000 D. 1,856,320
The following costs were incurred by ABCDEFGH, Inc. during 2020: July 1 Organization fees P120,000 Land site and old July 2 1,890,000 building July 3 Option payments 250,000 Broker's fees on July 20 110,400 property acquired Cost of remodeling the July 30 60,000 building August 30 Salaries of executives 360,000 December 21 Real property taxes 240,000
Transcribed Image Text:The following costs were incurred by ABCDEFGH, Inc. during 2020: July 1 Organization fees P120,000 Land site and old July 2 1,890,000 building July 3 Option payments 250,000 Broker's fees on July 20 110,400 property acquired Cost of remodeling the July 30 60,000 building August 30 Salaries of executives 360,000 December 21 Real property taxes 240,000
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