Nobells Inc

question 8

Multiple Choice

Nobells Inc. has acquired a property that included both land and a building for $500,000. The company hired an appraiser who has determined that the market value of the land is $300,000 and that of the building is $400,000. At what amount should the company record the cost of building?

• A)$147,368
• B)$285,714
• C)$269,125
• D)$214,285

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Definitions:

Revolutionary War

The conflict between Great Britain and its Thirteen Colonies in North America from 1775 to 1783, which led to the colonies gaining independence and becoming the United States.

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Legislation passed by a legislative body to allocate government funds to specific federal government departments, agencies, and programs.

Jay Treaty

A 1795 agreement between the United States and Great Britain that aimed to resolve issues remaining after the American Revolutionary War and facilitated ten years of peaceful trade between the two nations.

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The range of activities conducted in a legislative body including the introduction, debate, and passing of laws.