Leni Company incurred the following costs during the current year: 10,000 10,000 Option fee for land acquired Option fee for land not acquired Taxes in arrears on building on land Payment for land Demolition of old building, net of salvage of P10,000 50,000 1,000,000 100,000 230,000 120,000 Architect fee Payment to city hall for approval of building construction Contract price for factory building Safety fence around construction site Safety inspection on building Removal of safety fence after completion of building New fence surrounding the factory Driveways, parking bays and safety lighting 5,000,000 35,000 30,000 20,000 80,000 550,000 What is the cost of land and building, respectively? (Format of answer should be LAND: 1234567; BUILDING: 1234567)

Leni Company incurred the following costs during the current year: 10,000 10,000 Option fee for land acquired Option fee for land not acquired Taxes in arrears on building on land Payment for land Demolition of old building, net of salvage of P10,000 50,000 1,000,000 100,000 230,000 120,000 Architect fee Payment to city hall for approval of building construction Contract price for factory building Safety fence around construction site Safety inspection on building Removal of safety fence after completion of building New fence surrounding the factory Driveways, parking bays and safety lighting 5,000,000 35,000 30,000 20,000 80,000 550,000 What is the cost of land and building, respectively? (Format of answer should be LAND: 1234567; BUILDING: 1234567)

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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