During the current year, Alanna Co. had the following transactions pertaining to its new office building. Purchase price of land $240,000 Legal Fees for contract to purchase land 6,000 Architect fees 8,000 Demolition of the old building site 15,000 Sale of Scrap from od building 10,000 Construction cost of new building 500,000 A. What should Alanna Co. record on its books for the land? B. What should Alanna Co. record on its books for the building. During the current year, Alanna Co. had the following transactions pertaining to its new office building. Purchase price of land $240,000 Legal Fees for contract to purchase land 6,000 Architect fees 8,000 Demolition of the old building site 15,000 Sale of Scrap from od building 10,000 Construction cost of new building 500,000 A. What should Alanna Co. record on its books for the land? B. What should Alanna Co. record on its books for the building.
During the current year, Alanna Co. had the following transactions pertaining to its new office building. Purchase price of land $240,000 Legal Fees for contract to purchase land 6,000 Architect fees 8,000 Demolition of the old building site 15,000 Sale of Scrap from od building 10,000 Construction cost of new building 500,000 A. What should Alanna Co. record on its books for the land? B. What should Alanna Co. record on its books for the building. During the current year, Alanna Co. had the following transactions pertaining to its new office building. Purchase price of land $240,000 Legal Fees for contract to purchase land 6,000 Architect fees 8,000 Demolition of the old building site 15,000 Sale of Scrap from od building 10,000 Construction cost of new building 500,000 A. What should Alanna Co. record on its books for the land? B. What should Alanna Co. record on its books for the building.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:During the current year, Alanna Co. had the following transactions pertaining to its new office building.
Purchase price of land $240,000
Legal Fees for contract to purchase land 6,000
Architect fees 8,000
Demolition of the old building site 15,000
Sale of Scrap from od building 10,000
Construction cost of new building 500,000
A. What should Alanna Co. record on its books for the land?
B. What should Alanna Co. record on its books for the building.
Transcribed Image Text:During the current year, Alanna Co. had the following transactions pertaining to its new office building.
Purchase price of land $240,000
Legal Fees for contract to purchase land 6,000
Architect fees 8,000
Demolition of the old building site 15,000
Sale of Scrap from od building 10,000
Construction cost of new building 500,000
A. What should Alanna Co. record on its books for the land?
B. What should Alanna Co. record on its books for the building.
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