HighlandHighland Clothing purchased land, paying $ 96 comma 000$96,000 cash and signing a $ 300 comma 000$300,000 note payable. In addition, HighlandHighland paid delinquent property tax of $ 1 comma 100$1,100, title insurance costing $ 600$600, and $ 4 comma 600$4,600 to level the land and remove an unwanted building. Record the journal entry for purchase of the land.

Land             404,100 debit

         Cash                    104,100 credit

         Note payable    300,000 credit

---to record the acquisition of land.--

Explanation:

The land will enter the accounting as the sum of all necessary cost incurred to acquired and leave it ready to use. The delinquent property tax are part of thecost to get the land. Same is true or the insurance and removing the nwanted building. All these are required to get the land ready for use

income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.

the answer is account d