Nash's Trading Post, LLC purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: purchase price, $55,000; broker’s fees, $6,000; title search and other fees, $5,000; demolition of an old building on the property, $5,700; grading, $1,200; digging foundation for the road, $3,000; laying and paving driveway, $25,000; lighting $7,500; signs, $1,500.List the items and amounts that should be included in the Land account. select an expenditure Digging Foundation for the RoadLand Acquisition CostTitle Search and Other FeesGradingLaying and Paving DrivewayDemolition of Old BuildingPurchase PriceLightingSignsBroker’s Fees $enter a dollar amount select an expenditure Purchase PriceLightingDemolition of Old BuildingTitle Search and Other FeesBroker’s FeesSignsLaying and Paving DrivewayLand Acquisition CostDigging Foundation for the RoadGrading enter a dollar amount select an expenditure Digging Foundation for the RoadBroker’s FeesGradingLightingDemolition of Old BuildingLand Acquisition CostSignsTitle Search and Other FeesLaying and Paving DrivewayPurchase Price enter a dollar amount select an expenditure LightingLand Acquisition CostPurchase PriceDigging Foundation for the RoadTitle Search and Other FeesSignsDemolition of Old BuildingGradingLaying and Paving DrivewayBroker’s Fees enter a dollar amount select an expenditure SignsLaying and Paving DrivewayBroker’s FeesPurchase PriceDemolition of Old BuildingLightingGradingLand Acquisition CostDigging Foundation for the RoadTitle Search and Other Fees enter a dollar amount select a closing Land account item SignsLand Acquisition CostBroker’s FeesGradingDemolition of Old BuildingDigging Foundation for the RoadLightingTitle Search and Other FeesPurchase PriceLaying and Paving Driveway $enter a total dollar amount

Nash's Trading Post, LLC purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: purchase price, $55,000; broker’s fees, $6,000; title search and other fees, $5,000; demolition of an old building on the property, $5,700; grading, $1,200; digging foundation for the road, $3,000; laying and paving driveway, $25,000; lighting $7,500; signs, $1,500.List the items and amounts that should be included in the Land account. select an expenditure Digging Foundation for the RoadLand Acquisition CostTitle Search and Other FeesGradingLaying and Paving DrivewayDemolition of Old BuildingPurchase PriceLightingSignsBroker’s Fees $enter a dollar amount select an expenditure Purchase PriceLightingDemolition of Old BuildingTitle Search and Other FeesBroker’s FeesSignsLaying and Paving DrivewayLand Acquisition CostDigging Foundation for the RoadGrading enter a dollar amount select an expenditure Digging Foundation for the RoadBroker’s FeesGradingLightingDemolition of Old BuildingLand Acquisition CostSignsTitle Search and Other FeesLaying and Paving DrivewayPurchase Price enter a dollar amount select an expenditure LightingLand Acquisition CostPurchase PriceDigging Foundation for the RoadTitle Search and Other FeesSignsDemolition of Old BuildingGradingLaying and Paving DrivewayBroker’s Fees enter a dollar amount select an expenditure SignsLaying and Paving DrivewayBroker’s FeesPurchase PriceDemolition of Old BuildingLightingGradingLand Acquisition CostDigging Foundation for the RoadTitle Search and Other Fees enter a dollar amount select a closing Land account item SignsLand Acquisition CostBroker’s FeesGradingDemolition of Old BuildingDigging Foundation for the RoadLightingTitle Search and Other FeesPurchase PriceLaying and Paving Driveway $enter a total dollar amount

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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select an expenditure Digging Foundation for the RoadLand Acquisition CostTitle Search and Other FeesGradingLaying and Paving DrivewayDemolition of Old BuildingPurchase PriceLightingSignsBroker’s Fees		$enter a dollar amount
select an expenditure Purchase PriceLightingDemolition of Old BuildingTitle Search and Other FeesBroker’s FeesSignsLaying and Paving DrivewayLand Acquisition CostDigging Foundation for the RoadGrading		enter a dollar amount
select an expenditure Digging Foundation for the RoadBroker’s FeesGradingLightingDemolition of Old BuildingLand Acquisition CostSignsTitle Search and Other FeesLaying and Paving DrivewayPurchase Price		enter a dollar amount
select an expenditure LightingLand Acquisition CostPurchase PriceDigging Foundation for the RoadTitle Search and Other FeesSignsDemolition of Old BuildingGradingLaying and Paving DrivewayBroker’s Fees		enter a dollar amount
select an expenditure SignsLaying and Paving DrivewayBroker’s FeesPurchase PriceDemolition of Old BuildingLightingGradingLand Acquisition CostDigging Foundation for the RoadTitle Search and Other Fees		enter a dollar amount
select a closing Land account item SignsLand Acquisition CostBroker’s FeesGradingDemolition of Old BuildingDigging Foundation for the RoadLightingTitle Search and Other FeesPurchase PriceLaying and Paving Driveway		$enter a total dollar amount

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