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Morris Lest, Inc. sold its delivery truck for $500 more than its book value. The...

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Accounting

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Morris Lest, Inc. sold its delivery truck for $500 more than its book value. The sale will result in a(n): Multiple Cholce decrease in gross profit on the income statement. decrease in Accounts Payable on the balance sheet. Increase in net Income on the Income statement. increase in Cost of Goods Sold on the income statement. Hacienda Realty, a real estate management company, buys land that contains an abandoned apartment building for $9,000,000. It pays a construction company $1,000,000 to demolish the apartment building. Which of the following is correct? Multiple Cholce The company would record $9,000,000 as the cost of the land. The company would record $8,000,000 as the cost of the land. The company would record $10,000,000 million as the cost of the land. The company would record S1,000.000 as demolition expense

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