Financial Accounting (12th Edition) (What's New in Accounting)
Financial Accounting (12th Edition) (What's New in Accounting)
9th Edition
ISBN: 9780134726656
Author: Harrison
Publisher: PEARSON
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Chapter 4, Problem 4.29Q
To determine

To find: The correct option, the option which is not an objective of internal control

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Can you explain this general accounting question using accurate calculation methods?
Please explain the solution to this general accounting problem with accurate principles.
A company purchased land for $92,000 cash. The real estate brokers' commission was $7,500 and $8,000 was spent for demolishing an old building on the land before construction of a new building could start. Proceeds from the salvage of the demolished building were $1,500. Under the cost principle, what would the cost of the land be recorded as?

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Financial Accounting (12th Edition) (What's New in Accounting)

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