FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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At the beginning of the current year, Diamond Company
Problem 11-23 (AICPA Adapted)
purchased a tract of land for P12,000,000.
The entity incurred additional cost of Pa,000,000 during the
remainder of the year in subdividing the land for aale
Of the tract nccrenge, 70% was subdivided into residential
lots and 30% was conveyed to the city for roads and a park
Sale, price per lot
Lot elass
Number of lots
100
100
200
240,000
160,000
100,000
C.
Using the relative sales value method, what amount of cot
should be allocated to Class A lota?
a 3,000,000
b. 3,750,000
e. 6,000,000
d. 7,200,000
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Transcribed Image Text:At the beginning of the current year, Diamond Company Problem 11-23 (AICPA Adapted) purchased a tract of land for P12,000,000. The entity incurred additional cost of Pa,000,000 during the remainder of the year in subdividing the land for aale Of the tract nccrenge, 70% was subdivided into residential lots and 30% was conveyed to the city for roads and a park Sale, price per lot Lot elass Number of lots 100 100 200 240,000 160,000 100,000 C. Using the relative sales value method, what amount of cot should be allocated to Class A lota? a 3,000,000 b. 3,750,000 e. 6,000,000 d. 7,200,000
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