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1. Acquisition Costs of Realty Pollachek Co. purchased land as a factory site for $450,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $42,000 to raze the old buildings and sold salvaged lumber and brick for $6,300. Legal fees of $1,850 were paid for title investigation and drawing the purchase contract. Pollachek paid $2,200 to an engineering firm for a land survey, and $65,000 for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $1,500, and a liability insurance premium paid during construction was $900. The contractor's charge for construction was $2,740,000. The company paid the contractor in two installments: $1,200,000 at the end of 3 months and $1,540,000 upon completion. Interest costs of $170,000 were incurred to finance the construction. Determine the cost of the land and the cost of the building as they should be recorded on the books of Pollachek Co. Assume that the land survey was for the building.
a division can sell externally for 40 per unit. its variable manufacturing costs are 15 per unit and its variable
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Calculate the amount of the corporation's loss that may be deducted by Loraine on her 2009 tax return?
Tech Savvy, a computer consulting firm, has decided to write off the $8,375 balance of an account owed by a customer. Illustrate the effects on the accounts and financial statements to record the write-off (a) assuming that the direct write-off me..
hh sweet is purchasing equipment for its warehouse by making 9 pmts of 6200 at an interest rate of 8 on july 31 2013
Discuss a significant challenge that auditors may encounter with obtaining evidence and make a recommendation for how this challenge may be overcome.
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