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Naily [24]
3 years ago
15

On August 1, 2020, Jose purchased and placed in service a building that cost $1,200,000. An appraisal determined that 25% of the

total cost was attributed to the value of the land. The bottom floor of the building is leased annually to a retail business for $24,000. The other floors of the building are rental apartments with an annual rent of $190,000
Business
1 answer:
Molodets [167]3 years ago
6 0
JananMmAia 1and polQ $1002

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Explanation:

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Bingerton Industries uses a perpetual inventory system. The company began the year with inventory of $77,000. Purchases of inven
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Answer:

Refer explanation

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1. Purchase of Inventory ($302000)

This transaction has occurred on account which means that payment was not made immediately but would be made at a future date, thus a creditor to the business.

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$1,200 was subject to income tax is the correct answer.

Explanation:

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