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
Linda's health insurance plan requires that she have a physician that manages all of her healthcare. Linda, most likely, has what type of insurance plan?
Answers (1)
On January 1, Collins Corporation had 800,000 shares of $10 par value common stock outstanding. On March 31, the company declared a 15% stock dividend. Market value of the stock was $15/share.
Answers (1)
Which one of the following is not a direct material? Entry field with correct answer A. Plastic used in the covered case for a home PC B. A tire used for a lawn mower C. Steel used in the manufacturing of steel-radial tires D.
Answers (1)
If parents say, "Never take candy from strangers" then why do we celebrate Halloween?
Answers (1)
If you want to include a long explanation about data in an Excel worksheet, what type of object can you use in the sheet? A. Chart B. Spreadsheet C. Text box D. Word
Answers (2)
New Questions in Business
All of the following are true of the effect of fair value accounting on the financial statements except a. changes in the fair value of trading securities are recognized on the income statement b.
Answers (1)
Are morality & ethics the same thing?
Answers (1)
Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $10,000 not due for three years. The interest rate on the note is 7%.
Answers (1)
John recently accepted a job in the marketing department with the burbank bagel boys. after just a few days on the job, john learned that the company has many layers of management, and seems to have a rule to cover almost every situation.
Answers (1)
Leilani enters into a contract with Metro Taxi Company to work as a cabdriver. Under the plain meaning rule, if the contract's writing is clear and unequivocal, the meaning of the terms must be determined from a. any relevant extrinsic evidence. b.
Answers (1)