A company purchased land for P4,500,000 cash. Real estate brokers' commission was P250,000 and P350,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the cost principle, the cost of land would be recorded at

A company purchased land for $70,000 cash. Real estate brokers’ commission was $5,000 and $7,000 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 atSelect answer from the options below$82,000.$77,000.$70,000.$75,000.

Merchant Company purchased land for a building site. The costs associated with the property were: Purchase price $ 182,000Real estate commissions 15,700Legal fees 1,500Expenses of clearing the land 2,700What is the total recorded cost of the land?Multiple Choice$201,900$182,000$185,500$199,200$197,700

Pine Company acquires land for P86,000 cash. Additional costs are as follows: Removal of shed                                P 300 Filling and grading                              1,500 Salvage value of lumber of shed          120 Broker commission                            1,130 Paving of parking lot                       10,000 Closing costs                                       560  Pine will record the acquisition cost of the land as

A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $60,500; the land at $46,200, and the parking lot at $18,300. Land should be recorded in the accounting records with an allocated cost of:Multiple Choice$42,960.$36,960.$0.$46,200.$100,000.

S Ltd acquired land from its parent company P Ltd for $1 000 000. The land had originally cost P Ltd $100 000 (assume a tax rate of 30%). On consolidation, the deferred tax asset will be recorded at: a. $300 000 b. $30 000 c. $270 000 d. not recorded