Morris Recently Purchased a Building and the Tract of Land

question 62

Multiple Choice

Morris recently purchased a building and the tract of land on which it is located. Morris plans to raze the building immediately and to erect a new building on the site. The value of the original building should be

• A) written off as an extraordinary loss in the year the building is razed
• B) capitalized as part of the cost of the land
• C) depreciated over the period from the date of acquisition to the date that the building is to be razed
• D) capitalized as part of the cost of the new building

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