On December 1, Douglas Corp. purchased a tract of land for $285,000 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: What would be the balance in Douglas's Land account on its December 31 balance sheet?

Question

On December 1, Douglas Corp. purchased a tract of land for $285,000 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:  What would be the balance in Douglas's Land account on its December 31 balance sheet?

Quizplus · Accepted Answer

$285,000 + $51,000 F1F1F1S1F1F1F10 $8,000 + $7,000 + $2,500 = $337,500