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1.Land was acquired in 2016 for a future building site at a cost of $40,300. The assessed valuation for tax purposes is $28,000, a qualified appraiser placed its value at $50,000, and a recent firm offer for the land was for a cash payment of $44,000. The land should be reported in the financial statements at:
a) $ 28,000.b) $ 50,000.c) $ 44,000.d) $ 40,300.
The percentage completed at the end of each year is as follows: 2013, 25%; 2014, 70%; 2015, 100%.
Both will borrow long term making similar financial arrangements to finance the trucks, and both will pay the same amount to acquire the trucks Waste, Inc. uses normal commercial GAAP to account for its activities.
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Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).
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