FINANCIAL+MANAGERIAL ACCT W/CONNECT
FINANCIAL+MANAGERIAL ACCT W/CONNECT
9th Edition
ISBN: 9781266816123
Author: Wild
Publisher: MCG CUSTOM
Question
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Chapter 8, Problem 3DQ
To determine

Land:

Land is a piece of earth that has a useful life of unlimited years, when a land is purchased for building purposes then the actual cost of building will also include commission paid on purchase, legal fees and insurance fees.

Land improvement: Land improvements are additions to the land which has a limited useful life. They are not added to the cost of land as the amount spent on the improvement of the land increases usefulness of the land.

To identify: The difference between land and land improvements.

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Chapter 8 Solutions

FINANCIAL+MANAGERIAL ACCT W/CONNECT

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