Testbank Multiple Choice Question 65 On February 1, 2020, Waterway Industries purchased a parcel of land as a factory site for $310000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020. Costs incurred during this period are listed below: Demolition of old building $ 20700 Architect's fees 34700 Legal fees for title investigation and purchase contract 4500 Construction costs 1378000 (Salvaged materials resulting from demolition were sold for $860o.) Waterway should record the cost of the land and new building, respectively, as $322100 and $1417200. O $322100 and $1412700. O $326600 and $1412700. O $335200 and $1404100.

Testbank Multiple Choice Question 65 On February 1, 2020, Waterway Industries purchased a parcel of land as a factory site for $310000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020. Costs incurred during this period are listed below: Demolition of old building $ 20700 Architect's fees 34700 Legal fees for title investigation and purchase contract 4500 Construction costs 1378000 (Salvaged materials resulting from demolition were sold for $860o.) Waterway should record the cost of the land and new building, respectively, as $322100 and $1417200. O $322100 and $1412700. O $326600 and $1412700. O $335200 and $1404100.

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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