On July 1, 2016, Larkin Co. purchased a $400,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2016 as follows: Demolition of existing building on site $75,000 Legal and other fees to close escrow 12,000 Proceeds from sale of demolition scrap 10,000 What would be the balance in the land account as of December 31, 2016?
A. $475,000.
B. $487,000.
C. $400,000.
D. $477,000.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On July 1, 2016, Larkin Co. purchased a $400,000 tract of land that is intended to be the site of a new office complex. Larkin incurred ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
What broadway play holds the record for highest single-week sales?
Answers (1)
A driver whose BAC is lower than. 08 cannot face DWI charges
Answers (1)
Zero-coupon bonds: Offer a return in the form of a deep discount off the face value. Are reported as shareholders' equity by the issuer. Result in zero interest revenue for the investor. Result in zero interest expense for the issuer.
Answers (1)
An insulated room is heated by burning candles. is this a heat or work interaction? take the entire room, including the candles, as the system.
Answers (1)
A person generally spends $100 a month on groceries. I'd this years inflation rate is 5%, the person can expect to
Answers (1)
New Questions in Business
Beall's is a chain of department stores that operates all over Florida. After serving Florida for 100 years, Beall's has learned that different merchandise is needed in order to satisfy the different needs of the customers who live in different
Answers (1)
Write an essay that reflects on stressors and how you respond to them.
Answers (1)
Stan loves collecting stamps. he receives an email that appears to come from a well-known stamp auction site asking him to reset his username and password.
Answers (1)
How do the taxes that are levied on goods and services affect market prices and quantities?
Answers (1)
Chewy Candy has a beginning inventory of $1,000 with a retail value of $1,800. June purchases were $3,000, with a retail value of $4,700 and retail sales were $4,200. What is the June 30 estimated ending inventory at cost under the retail method?
Answers (1)