Hwang Corporation has engaged in a number of expenditures relating to a land acq

Question

Hwang Corporation has engaged in a number of expenditures relating to a land acquisition for a future plant. For each of the following, indicate whether you as the auditor of Hwang Corporation would proposed adjusting entry. Assume all transactions are material.

Yes-indicates a proposed adjusting entry is necessary.

No-indicated no proposed adjusting entry is necessary.

Situation

a. Hwang purchased land for a new plant that it intends to construct. A portion of the cost was a commission paid to a real estate agent.

Explanation / Answer

Yes-indicates a proposed adjusting entry is necessary.

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