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  • On January 2 of The Current Year Vaughn Inc Acquired

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    On January 2 of the current year, Vaughn Inc. acquired land for $2,000,000 to be used for a new service and repair center. Additional expenses included $110,000 in closing costs, $20,000 in property taxes, $67,000 to demolish an existing structure, and $13,800 to remove debris from the land, for a total acquisition cost of $2,210,800.

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    On January 2 of the Current Year Vaughn Inc Acquired

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    On January 2 of the current year, Vaughn Inc. acquired land for $2,000,000 to be used for a new service and repair center. Additional expenses included $110,000 in closing costs, $20,000 in property taxes, $67,000 to demolish an existing structure, and $13,800 to remove debris from the land, for a total acquisition cost of $2,210,800.

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    15 views1 page

    On January 2 of The Current Year Vaughn Inc Acquired

    Uploaded by

    Freelance Worker
    On January 2 of the current year, Vaughn Inc. acquired land for $2,000,000 to be used for a new service and repair center. Additional expenses included $110,000 in closing costs, $20,000 in property taxes, $67,000 to demolish an existing structure, and $13,800 to remove debris from the land, for a total acquisition cost of $2,210,800.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    On January 2 of the current year Vaughn Inc acquired

    #3080
    On January 2 of the current year, Vaughn, Inc. acquired land for $ 2,000,000 to be used to
    construct a new service and repair center. The closing costs amounted to $ 110,000 and
    Vaughn paid $ 20,000 for the current period’s property taxes. There was an existing structure
    on the land that had been abandoned for several years. Vaughan agreed to remove the building
    and dispose of any scrap materials. The demolition cost was $ 67,000 and the company was
    required to pay $ 13,800 to remove the debris. Vaughn was able to sell scrap materials for $
    4,500. Requireda. Determine the cost of the land and any expenses incurred during the
    acquisition. b. Prepare the journal entries necessary to record the amount of costs capitalized
    and the costs charged to expense related to the property’s acquisition. Assume that all
    expenditures were made in cash.View Solution:
    On January 2 of the current year Vaughn Inc acquired

    ANSWER
    http://paperinstant.com/downloads/on-january-2-of-the-current-year-vaughn-inc-acquired/

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