On December 1, Dominican Corp. purchased a tract of land for $325,000 to be used as a factory site. An old unusable building on the land was razed (torn down), and the salvaged materials from the demolition were sold. These cash expenditures and receipts and other costs incurred during December are as follows:
$\begin{array}{lr}
\text { Demolition of old building } & \$ 11,000 \
\text { Proceeds from sale of salvaged materials } & 5,000 \
\text { Legal fees to transfer land title } & 3,000 \
\text { Title guarantee insurance } & 1,000
\end{array}$
Calculate the balance in Dominican's Land account on its December 31 balance sheet.

Question

On December 1, Dominican Corp. purchased a tract of land for $325,000 to be used as a factory site. An old unusable building on the land was razed (torn down), and the salvaged materials from the demolition were sold. These cash expenditures and receipts and other costs incurred during December are as follows:
 $\begin{array}{lr}
\text { Demolition of old building } & \$ 11,000 \
\text { Proceeds from sale of salvaged materials } & 5,000 \
\text { Legal fees to transfer land title } & 3,000 \
\text { Title guarantee insurance } & 1,000
\end{array}$ 
Calculate the balance in Dominican's Land account on its December 31 balance sheet.

Quizplus · Accepted Answer

The Answer of On December 1, Dominican Corp. purchased a tract of land for $325,000 to be used as a factory site. An old unusable building on the land was razed (torn down), and the salvaged materials from the demolition were sold. These cash expenditures and receipts and other costs incurred during December are as follows:
 $\begin{array}{lr}
\text { Demolition of old building } & \$ 11,000 \
\text { Proceeds from sale of salvaged materials } & 5,000 \
\text { Legal fees to transfer land title } & 3,000 \
\text { Title guarantee insurance } & 1,000
\end{array}$ 
Calculate the balance in Dominican's Land account on its December 31 balance sheet.

On December 1, Dominican Corp Calculate the Balance in Dominican's Land Account on Its December