Following are descriptions of land purchases in four separate cases. Required a. Determine the cost used for recording the land acquired in each case. b. Record the journal entry for each case on the date of the land’s acquisition. Note: Round your answers to the nearest whole dollar. Case One 1. At the midpoint of the current year, a $32,000 check is given for land, and the buyer assumes the liability for unpaid taxes in arrears of $800 at the end of last year and those assessed for the current year of $720. a. Determine the cost used for recording the land acquired. Cost of land $Answer
Following are descriptions of land purchases in four separate cases.
Required
a. Determine the cost used for recording the land acquired in each case.
b. Record the
Note: Round your answers to the nearest whole dollar.
- Case One
1. At the midpoint of the current year, a $32,000 check is given for land, and the buyer assumes the liability for unpaid taxes in arrears of $800 at the end of last year and those assessed for the current year of $720.
a. Determine the cost used for recording the land acquired.
Cost of land $Answer
b. Record the journal entry on the date of the
Account NameDr.Cr.
Answer
Answer
Answer
To record land acquisition.
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