Financial Reporting, Financial Statement Analysis and Valuation
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN: 9781285190907
Author: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher: Cengage Learning
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Please answer do fast and step by step calculation for this general accounting question

Hull Company acquires land for $86,000 cash. Additional costs are as follows:
Removal of shed
Filling and grading
$300
1,500
Salvage value of lumber of shed 120
Broker commission
Paving of parking lot
Closing costs
1,130
10,000
560
Hull will record the acquisition cost of the land as:
a. $86,000.
b. $89,610.
c. $89,370.
d. $87,690
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Transcribed Image Text:Hull Company acquires land for $86,000 cash. Additional costs are as follows: Removal of shed Filling and grading $300 1,500 Salvage value of lumber of shed 120 Broker commission Paving of parking lot Closing costs 1,130 10,000 560 Hull will record the acquisition cost of the land as: a. $86,000. b. $89,610. c. $89,370. d. $87,690
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