ng Objective 1S10-1 Determining the cost of an assetHighland Clothing purchased land, paying $96,000 cash and signing a $300,000 notepayable. In addition, Highland paid delinquent property tax of $1,100, title insurancecosting $600, and $4,600 to level the land and remove an unwanted building. Recordthe journal entry for purchase of the land.

Cost of a fixed asset include all costs incurred to bring the asset into present location and…

Answered: journal entry for purchase of the land.

Business

Accounting

journal entry for purchase of the land.

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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Question

ng Objective 1
S10-1 Determining the cost of an asset
Highland Clothing purchased land, paying $96,000 cash and signing a $300,000 note
payable. In addition, Highland paid delinquent property tax of $1,100, title insurance
costing $600, and $4,600 to level the land and remove an unwanted building. Record
the journal entry for purchase of the land.

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