Mclaren Corp Incurred the Following Costs to Acquire and Prepare

question 78

Multiple Choice

Mclaren Corp incurred the following costs to acquire and prepare land during 2016 for a new parking lot: purchase price for land, $800,000; cost to clear the land, $30,000; cost of paving, $40,000; and lighting for the parking lot, $20,000.How much should Halifax record in the Land Improvements account?

• A) $30,000
• B) $40,000
• C) $60,000
• D) $90,000