E9-17 (book/Static) Question Help Lavallee Furniture purchased land, paying S co

Question

E9-17 (book/Static) Question Help Lavallee Furniture purchased land, paying S costing $2.000, and $5,000 to level the land and remove an unwanted building The company then constructed an office buiding at a cost of $450,000 It also paid note payable. In addition, Lavallee paid delinquent property tax of $3,000, title insurance $55,000 for a fence around the property. $16,000 for a sign near the entrance, and $7,000 for special lighting of the grounds. Requirements 1. Determine the cost of the land, land improvements, and building 2. Which of these assets will Lavallee depreciate? Requirement 1. Determine the cost of the land, land improvements, and building The cost of the land is $

Explanation / Answer

Cost of the land 365000 =260000+95000+3000+2000+5000 Cost of the land improvements 78000 Cost of the building 450000 Lavallee will depreciate the building and the land improvements.

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