Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. vijay inc. purchased a three-acre tract of land fo

Vijay Inc. purchased a three-acre tract of land for a building site for $390,000. On...

90.2K

Verified Solution

Question

Accounting

Vijay Inc. purchased a three-acre tract of land for a building site for $390,000. On the land was a building with an appraised value of $128,000. The company demolished the old building at a cost of $11,900, but was able to sell scrap from the building for $1,690. The cost of title insurance was $940 and attorney fees for reviewing the contract were $480. Property taxes paid were $3,900, of which $240 covered the period subsequent to the purchase date. The capitalized cost of the land is:
Multiple Choice
$405,290.
$406,980.
$263,180.
$407,220.
image

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

I am writing a lab report about (Simple Pendulum) and I did everything except( the Review...

Physics
Q

This week, your Mechanical and Electrical Systems in Architecture, Engineering, and Construction textbook refers to the National...

Electrical Engineering
Q

Two coils have self inductances L 4 mH and L 8 mH Current in both...

Physics
Q

1 Liam is 6 feet tall To find the height of a tree he measures...

Geometry
Q

Current Attempt in Progress An oil company discovered an oil reserve of 400 million barrels...

Calculus
Q

Let f 0 sin 0 3 cos 0 Calculate the derivative Note to get the...

Calculus
Q

Construct a circle with radius r Then construct two hexagons H1 and H2 so that...

Calculus
Q

The forecasted sales for January 2020 are R300 000....

Accounting
Q

Der Company uses a standard cost system in which it applies manufacturing overhead on the...

Accounting
Q

You have been asked to test the effectiveness of Ingo Corporation's control of manually approving...

Accounting
Q

Calculate the financial break-even point in units per year? contribution margin = $5 fixed...

Finance
Q

Planners often recommend entering a market for "strategic" reasons because the: A) Company is facing...

Finance