Help me selecting the right answer. Thank you Brummel Company plans to develop a shopping center. In the first quarter, the following amounts were incurred:Acquisition of landLawn sprinkler systemSurveys and legal feesLand clearing$53,0001,1001,000800Fencing6,300Install lighting and signage1,200Parking lot2,700What amount should be recorded as the cost of the land in the company's books?$54,800$54,000$63,400$66,100

Cost of Land includes: Cost of contract price Legal fees Title search Insurance, and past due taxes…

Brummel Company plans to develop a shopping center. In the first quarter, the following amounts were incurred: Acquisition of land $53,000 1,100 Lawn sprinkler system Surveys and legal fees 1,000 Land clearing 800 Fencing 6,300 Install lighting and signage 1,200 Parking lot 2,700 What amount should be recorded as the cost of the land in the company's books? O $54,800 $54,000 $63,400 $66,100

Brummel Company plans to develop a shopping center. In the first quarter, the following amounts were incurred: Acquisition of land $53,000 1,100 Lawn sprinkler system Surveys and legal fees 1,000 Land clearing 800 Fencing 6,300 Install lighting and signage 1,200 Parking lot 2,700 What amount should be recorded as the cost of the land in the company's books? O $54,800 $54,000 $63,400 $66,100

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 3RE: Utica Corporation paid 360,000 to purchase land and a building. An appraisal showed that the land is...

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