A Company Purchased Land for $120,000 Cash; $7,000 Was Spent

question 90

Multiple Choice

A company purchased land for $120,000 cash; $7,000 was spent to demolish an old building on the land before construction of a new building could start; and $1,500 was received for material salvaged from the old building.The cost of the land would be recorded at

• A)$120,000.
• B)$125,500.
• C)$127,000.
• D)$128,500.

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Definitions:

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