Answer: $962000
Explanation:
From the information given, the amount
that McCoy’s Fish House should record as the cost of the land will be:
Purchase price = $900,000
Add: Title insurance = $2000
Add: Back property tax = $8000
Add: Cost incurred to remove building = $45000
Add: Cost incurred to level the land = $10000
Less: Savage value of materials = $3000
Cost of land = $962000
Therefore, the cost of land is $962000
Answer:
It will take 13 years and 66 days
Explanation:
Giving the following information:
Your savings account earns 1.72% interest.
Present value= $3,000
Final value= $3,756
To calculate the number of years, we need to use the following formula:
n= ln(FV/PV) / ln(1+i)
n= ln(3,756/3,000) / ln(1.0172)
n= 13.18 years
To be more specific= 365*0.18= 66
It will take 13 years and 66 days
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Answer:
Explanation:
Present value of note = Annual payment x present value annuity factor
Annual payment = 8,400
PVAF = 4,7665
= $ 8,400 x 4.7665
= $ 40,038.60
So, the present value of note is $ 40,038.60
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