On January 1, 2019, Alberta Company purchased land and a building for $1,120,000. At the time of the purchase, it was estimated that the building had a market value of $700,000. On January 5, Alberta installed a fence around the property at a cost of $7,000. Given this information, the journal entry to record the purchase of the land and building would include  a) Debit to Land for $420,000 b) Debit to Land for $413,000 c) Debit to Land for $700,000 d) Debit to Land for $427,000

Sadaf Oman Company purchased a land for RO 250,000 in 2010. In October 2020, the company Mold this land for RO 1000,000. In addition, the company purchased a bulding for RO SO000 in July 2019. The land and building were reported on the December 31, 2019 statement of financial position at

At December 31, 2019, certain accounts included in the property, plant, and equipment section of Concord Corporation’s statement of financial position had the following balances: Land   $309,520 Buildings—Structure   882,660 Leasehold Improvements   704,970 Equipment   844,620 During 2020, the following transactions occurred: 1.   Land site No. 621 was acquired for $799,820 plus a fee of $6,880 to the real estate agent for finding the property. Costs of $33,270 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,720. 2.   Land site No. 622, which had a building on it, was acquired for $559,550. The closing statement indicated that the land’s assessed tax value was $308,860 and the building’s value was $101,820. Shortly after acquisition, the building was demolished at a cost of $27,990. A new building was constructed for $339,860 plus the following costs: Excavation fees   $37,550 Architectural design fees…

Marigold Company uses IFRS and owns property, plant and equipment with a historical cost of 5170000 euros. At December 31, 2019, the company reported a valuation reserve of 8640000 euros. At December 31, 2020, the property, plant and equipment was appraised at 5520000 euros.The property, plant and equipment will be reported on the December 31, 2020 statement of financial position at 5520000 euros. 8990000 euros. 5170000 euros. 8640000 euros.