Under the historical cost principle the cost of land would be recorded at: <u>d. $410,000
</u>.
<u>Explanation</u>:
<em><u>Given</u></em>:
Purchase cost of land = $350,000
Brokers commission = $25,000
Cost for demolishing old building = $35,000
Principle cost of land = ?
Principle cost of land= Purchase cost of land+ Brokers commission+ Cost for demolishing old building
= $350,000+$25,000+$35,000
= $410,000
Principle cost of land= $410,000
The correct option is <u>d.$410,000</u>.
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Master-plan communities are common development types that usually include a range of housing types along with recreational amenities, supporting retail, and other commercial activities.
<h3>
What are master-plan communities?</h3>
- A planned community, planned city, planned town, or planned settlement is any community that has been meticulously planned from the start and is often built on previously undeveloped territory. In contrast, settlements emerge in a more haphazard and organic manner.
- The word "new town" refers to planned communities associated with the new towns movement, primarily in the United Kingdom.
- Master-plan communities are popular types of development that often feature a variety of dwelling types as well as recreational amenities, supporting shops, and other commercial operations.
As the definition itself says, Master-plan communities are popular types of development that often feature a variety of dwelling types as well as recreational amenities, supporting shops, and other commercial operations.
Therefore, master-plan communities are common development types that usually include a range of housing types along with recreational amenities, supporting retail, and other commercial activities.
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It is letter C because 120x25=3000+500=3,500
Answer:
Step wise detailed solution is given below:
