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Pharoah Company installs a new parking lot. The paving cost $51000 and the lights to illuminate the new parking area cost $27000. Which of the following statements is true with respect to these additions? O $27000 should be added to Land Improvements. O$78000 should be added to Land Improvements. $78000 should be added to the Land account. O$51000 should be added to the Land account.

Pharoah Company installs a new parking lot. The paving cost $51000 and the lights to illuminate the new parking area cost $27000. Which of the following statements is true with respect to these additions? O $27000 should be added to Land Improvements. O$78000 should be added to Land Improvements. $78000 should be added to the Land account. O$51000 should be added to the Land account.

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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Pharoah Company installs a new parking lot. The paving cost $51000 and the lights to illuminate the new parking area cost $27000. Which of the following statements is true with respect to these additions? O $27000 should be added to Land Improvements. O$78000 should be added to Land Improvements. $78000 should be added to the Land account. O$51000 should be added to the Land account.
Transcribed Image Text:Pharoah Company installs a new parking lot. The paving cost $51000 and the lights to illuminate the new parking area cost $27000. Which of the following statements is true with respect to these additions? O $27000 should be added to Land Improvements. O$78000 should be added to Land Improvements. $78000 should be added to the Land account. O$51000 should be added to the Land account.
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