A Company Needed a New Building Prepare a Single Journal Entry to Record the Above Costs

question 97

Essay

A company needed a new building. It found a suitable location with an existing old building on the land. The company reached an agreement to buy the land and the building for $960,000 cash. The old building was demolished to make way for the needed new building. Following is information regarding the demolition of the old building and construction of the new one:
$\begin{array}{|l|r|}\hline \begin{array}{l}\text { Construction cost of new building including } \$ 660,000 \\\text { for parking lot }\end{array} & \$ 9,560,000 \\\hline \text { Demolition of old building } & 300,000 \\\hline \text { Proceeds from sale of salvaged materials from old building } & 120,000 \\\hline\end{array}$ Prepare a single journal entry to record the above costs assuming all transactions are paid in cash.

Apply psychological theories to understand human behavior and motivation.

Understand the ethical considerations in psychological research.

Differentiate between major areas of contemporary psychology.

Understand the principles of experimental design and variable manipulation.