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7 November, 22:11

Coronado Company purchased land for $80,000. The company also paid $12,000 in accrued taxes on the property, incurred $5,000 to remove an old building, and received $2,000 from the salvage of the old building. At what amount will the land be recorded in the accounting records

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  1. 7 November, 22:38
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    Amount recorded will be $95000

    Explanation:

    We have given that company purchased a land for $80000

    Accrued taxes on the property = $12000

    Incurred $5000 to remove an old building

    And salvage value = $2000

    We have to fond the amount for the land recorded in the accounting record

    So the amount will be = $80000+$12000+$5000 - $2000 (salvage value) = $95000

    So amount recorded will be $95000
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