Shannon Company acquired land for $56,000 cash. Additional costs are as follow: Title and attorney's fee $300 Insurance of one year $1,500 Broker commission $1,130 Accrued Property taxes $560 Shannon will record the acquisition cost of the land as a. $56,000 b. $57,500 c. $59,490 d. $57,990

Shannon Company acquired land for $56,000 cash. Additional costs are as follow: Title and attorney's fee $300 Insurance of one year $1,500 Broker commission $1,130 Accrued Property taxes $560 Shannon will record the acquisition cost of the land as a. $56,000 b. $57,500 c. $59,490 d. $57,990

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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