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777dan777 [17]
3 years ago
7

Coronado Company purchased land for $80,000. The company also paid $12,000 in accrued taxes on the property, incurred $5,000 to

remove an old building, and received $2,000 from the salvage of the old building. At what amount will the land be recorded in the accounting records
Business
1 answer:
neonofarm [45]3 years ago
6 0

Answer:

Amount recorded will be $95000

Explanation:

We have given that company purchased a land for $80000

Accrued taxes on the property = $12000

Incurred $5000 to remove an old building

And salvage value = $2000

We have to fond the amount for the land recorded in the accounting record

So the amount will be = $80000+$12000+$5000 -$2000 ( salvage value ) = $95000

So amount recorded will be $95000

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Answer:

The question is not complete:

On July 15, 2016, you convert 650,000 U.S. dollars to Japanese yen in the spot foreign exchange market (¥104.91/$) and purchase a six-month forward contract ($0.0095320/¥1) to convert yen into dollars. How much will you receive in U.S. dollars at the end of six months? (Round your answer to 2 decimal places. (e.g., 32.16))

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In the first place by buying the yen in the spot market on July 15 ,2016, the amount of yen is computed thus:

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The six month forward contract outcome is as follows:

($0.0095320/¥1)

each Yen was exchanged $0.0095320

dollars received= ¥ 68,191,500.00 *0.0095320/1

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