Hacienda Realty, a real estate management company, buys land that contains an abandoned apartment building for...
Hacienda Realty, a real estate management company, buys land that contains an abandoned apartment building for $9,000,000. It pays a construction company $1,000,000 to demolish the apartment building. Which of the following is correct?
Multiple Choice
The company would record $9,000,000 as the cost of the land.
The company would record $1,000,000 as demolition expense.
The company would record $10,000,000 million as the cost of the land.
The company would record $8,000,000 as the cost of the land.
Homework Answers
Cost of land will be recorded as the sum of amount paid to purchase the land and cost that is paid to demolish the apartment building
So the cost of land = 9,000,000 +1,000,000 = 10,000,000
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