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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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Finally,you make an offer to buy your neighbor's house doesn't make you eligible for an insurable interest because it's just a matter of a vocal agreement,thus no transaction has been carried out and therefore,no property transferred to your custody either way.

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