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On January lemolished 6, Year 1, the Mount Jackson Corporation pu and the construction of the new factory buil Construction cost of new building Realtor's and attorney's fees Architect's fees relating to constructi Cost to demolish old building

On January lemolished 6, Year 1, the Mount Jackson Corporation pu and the construction of the new factory buil Construction cost of new building Realtor's and attorney's fees Architect's fees relating to constructi Cost to demolish old building

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On January 6, Year 1, the Mount Jackson Corporation purchased a tract of land for a factory site for $830,000. An existing building on the site was demolished and the construction of the new factory building was completed on October 11, Year 1. Additional cost data are shown below: Construction cost of new building Realtor's and attorney's fees Architect's fees relating to construction of new building Cost to demolish old building Salvage recovery from old building Which of the following correctly states the capitalized cost of the land and the new factory building, respectively? Multiple Choice $926,700 and $1,079,500 $830,000 and $1,176,200 $913,200 and $1,093,000 $1,008,000 18,900 85,000 77,800 (13,500) $848,900 and $1,157,300
Transcribed Image Text:On January 6, Year 1, the Mount Jackson Corporation purchased a tract of land for a factory site for $830,000. An existing building on the site was demolished and the construction of the new factory building was completed on October 11, Year 1. Additional cost data are shown below: Construction cost of new building Realtor's and attorney's fees Architect's fees relating to construction of new building Cost to demolish old building Salvage recovery from old building Which of the following correctly states the capitalized cost of the land and the new factory building, respectively? Multiple Choice $926,700 and $1,079,500 $830,000 and $1,176,200 $913,200 and $1,093,000 $1,008,000 18,900 85,000 77,800 (13,500) $848,900 and $1,157,300
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