The Open Grill incurred the following costs in acquiring a new piece of land:Purchase price$80,000Commissions4,800Liability insurance for the first year1,20020,000Cost of removing existing buildingSale of salvaged materials(4,000)Total costs$102,000What is the total capitalized cost of the land?Multiple ChoiceOO$102,000.$80,000.$100,800.$106,000.

Fixed assets means those assets which is used for the business purpose for many year to come and…

The Open Grill incurred the following costs in acquiring a new piece of land: Purchase price $80,000 Commissions 4,800 1,200 Liability insurance for the first year Cost of removing existing building 20,000 Sale of salvaged materials (4,000) Total costs $102,000 What is the total capitalized cost of the land? Multiple Choice $102,000. $80,000. O $100,800. $106,000.

The Open Grill incurred the following costs in acquiring a new piece of land: Purchase price $80,000 Commissions 4,800 1,200 Liability insurance for the first year Cost of removing existing building 20,000 Sale of salvaged materials (4,000) Total costs $102,000 What is the total capitalized cost of the land? Multiple Choice $102,000. $80,000. O $100,800. $106,000.

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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