1.A company purchased land for $540000 cash. Real estate brokers' commission was $20000 and$47000 was spent for demolish...

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ACCT 206-A company purchased land for $540000 cash

April 14, 2018

1.

A company purchased land for $540000 cash. Real estate brokers' commission was $20000 and

$47000 was spent for demolishing an old building on the land before construction of a new building
could start. Under the historical cost principle, the cost of land would be recorded at

$587000.

$560000.

$540000.

$607000.

2.

Cullumber Company purchases land for $150000 cash. Cullumber assumes $4800 in property taxes
due on the land. The title and attorney fees totaled $3100. Cullumber has the land graded for
$3400. They paid $22000 for paving of a parking lot. What amount does Cullumber record as the
cost for the land?

$161300.

$183300.

$150000.

$156500.

3.

Carla Vista Co. purchases a new delivery truck for $64000. The sales taxes are $4200. The logo of
the company is painted on the side of the truck for $1600. The truck’s annual license is $130. The
truck undergoes safety testing for $280. What does Carla Vista record as the cost of the new truck?

$68080.

$70080.

$68200.

$70210.

4.

The interest charged on a $252000 note payable, at the rate of 6%, on a 90-day note would be (Use
360 days for calculation.)

$15120.

$1260.

$3780.

$7560.










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