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Oriole Company acquires land for $77,000 cash. Additional costs are as follows. Removal of shed Filling and grading $400 $1,300 Salvage value of lumber of shed $200 Broker commission Paving of parking lot Closing costs $1,310 $10,000 $520 Oriole will record the acquisition cost of the land as: A. $78,830 B. $77,000 C. $80,730 D. $80,330

Oriole Company acquires land for $77,000 cash. Additional costs are as follows. Removal of shed Filling and grading $400 $1,300 Salvage value of lumber of shed $200 Broker commission Paving of parking lot Closing costs $1,310 $10,000 $520 Oriole will record the acquisition cost of the land as: A. $78,830 B. $77,000 C. $80,730 D. $80,330

FINANCIAL ACCOUNTING
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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Oriole Company acquires land for $77,000 cash. Additional costs are as follows. Removal of shed Filling and grading $400 $1,300 Salvage value of lumber of shed $200 Broker commission Paving of parking lot Closing costs $1,310 $10,000 $520 Oriole will record the acquisition cost of the land as: A. $78,830 B. $77,000 C. $80,730 D. $80,330
Transcribed Image Text:Oriole Company acquires land for $77,000 cash. Additional costs are as follows. Removal of shed Filling and grading $400 $1,300 Salvage value of lumber of shed $200 Broker commission Paving of parking lot Closing costs $1,310 $10,000 $520 Oriole will record the acquisition cost of the land as: A. $78,830 B. $77,000 C. $80,730 D. $80,330
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