Business, 31.12.2020 01:00 anna2894

On July 1, 2018, Larkin Co. purchased a $440,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2018 as follows: Demolition of existing building on site Legal and other fees to close escrow Proceeds from sale of demolition scrap $65,000 13,500 9,400 What would be the balance in the land account as of December 31, 2018?
a) $440,000.
b) $505,000.

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Answer from: psychiclion

The balance in the land account as of December 31, 2018 woulf be $509,100.

Explanation:

Note: The data in the question are merged together. They are therefore sorted before answering the question by representing the question as follows:

On July 1, 2018, Larkin Co. purchased a $440,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2018 as follows:

Demolition of existing building on site = $65,000

Legal and other fees to close escrow = $13,500

Proceeds from sale of demolition scrap = $9,400

What would be the balance in the land account as of December 31, 2018?

The explanation to the answer is now given as follows:

The balance in the land account as of December 31, 2018 can be calculated using the following formula:

Balance in the land account as of December 31, 2018 = Purchase price + Demolition of existing building on site + Legal and other fees to close escrow - Proceeds from sale of demolition scrap (1)

Substituting the relevant values from the question into equation (1), we have:

Balance in the land account as of December 31, 2018 = $440,000 + $65,000 + $13,500 - $9,400 = $509,100

Therefore, the balance in the land account as of December 31, 2018 woulf be $509,100.

Answer from: Quest

x=3

step-by-step explanation:

this is really simple i saw that there was only one term (5x) and thought if that was 15 what would i have to multiply everything else to get it there? well if 5x became 15 then x would have to be 3 so plug the 3 in the x for the other equations and you get 15 for the other ones. so there you go. : )

Answer from: Quest

The atomic nucleus is the small, dense region consisting of protons and neutrons at the center of an atom, discovered in 1911 by ernest rutherford based on the 1909 gold foil experiment.

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On July 1, 2018, Larkin Co. purchased a $440,000 tract of land that is intended to be the site of a...

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