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Luden [163]
3 years ago
6

Dorsey Co. has expanded its operations by purchasing a parcel of land with a building on it from Bibb Co. for $83,000. The appra

ised value of the land is $23,000, and the appraised value of the building is $103,000. Required: a. Assuming that the building is to be used in Dorsey Co.’s business activities, what cost should be recorded for the land?
Business
1 answer:
algol [13]3 years ago
4 0

Answer:

The cost should be recorded for the land is $15,150

Explanation:

In order to calculate the cost should be recorded for the land we would have to calculate the following formula:

cost should be recorded for the land=(Appraised value of land/Appraised value of land and building)*combine cost of land and building

Appraised value of land=$23,000

Appraised value of land and building=$23,000+$103,000=$126,000

combine cost of land and building=$83,000

Therefore, cost should be recorded for the land=($23,000/$126,000)*$83,000

cost should be recorded for the land=$15,150

The cost should be recorded for the land is $15,150

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An increase in the price of exported goods will increase the terms of trade for a country. While an increase in the price of imported goods will cause it to decline.

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