Answer Happy

Marigold Clinic purchases land for $174200 cash. The clinic assumes $1200 in property taxes due on the land. The title and attorney fees totaled $1200. The clinic has the land graded for $1600. What amount does Marigold Clinic record as the cost for the land? $156000 $174200 $155700 $178200
A company purchased land for $91400 cash. Real estate brokers' commission was $6000 and $7000 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 at $91400. $104400. $71400. O $110400.