Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2014, blair corporation purchased fo

On January 1, 2014, Blair Corporation purchased for $500,000 a tract of land (site number...

80.2K

Verified Solution

Question

Accounting

On January 1, 2014, Blair Corporation purchased for $500,000 a tract of land (site number 101) with a building. Blair paid a real estate broker's commission of $36,000, legal fees of $6,000, and title guarantee insurance of $18,000. The closing statement indicated that the land value was $500,000 and the building value was $100,000. Shortly after acquisition, the building was razed at a cost of $54,000.

Compute the cost that should be assigned to land

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Nature-based tourism businesses play important roles in tourism system and must therefore be involved in the development...

General Management
Q

Let X be the set of all subsets of R whose complement is a finite set...

Advance Math
Q

The total market value of fish caught by a fleet of fishing boats (per month) is...

Advance Math
Q

A small solid cylinder of radius r is coaxially from point A inside the fixed...

Physics
Q

On the graph of f x sin x and the domain 0 x 2 for...

Algebra
Q

On July 1,2023 , Wildhorse Ltd. received a loan from its bank for...

Accounting
Q

Saved Hel Following are transactions for Vitalo Company. Nov. 1 Accepteda $10,000, 180-day, 9% note...

Accounting
Q

Return to question 10 MBS is organized into two divisions-Fabrication and Marketing. Fabrication produces a...

Accounting
Q

Could you write every detail journal entries? And increase or decrease 28. Which transaction will...

Accounting
Q

dentify whether each description most likely applies to managerial or financial accounting

Accounting
Q

Laurel Enterprises expects earnings next year of $4.11 per share and has a 40% retention...

Finance
Q

You have been tasked with fielding an interactive video communications systems. Your job is to...

Finance