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On March 1, 2010, Penner Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorney's fee for work concerning the land purchase, $5,000 real estate broker's fee, $7,800 architect's fee, and $14,000 to put in driveways and a parking lot.
Instructions
(a) Determine the amount to be reported as the cost of the land.
(b) For each cost not used in part (a), indicate the account to be debited.
Allen Lumber Company had earning after taxes of $580,000 in the year 2006 with 400,000 shares outstanding. On January 1, 2007 the firm issued $35,000 new shares. Because of the proceeds from these new shares and other operating improvement,2007 ea..
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Assume that you are the CPA in charge of preparing the tax return for each of the taxpayers in the problem. Based on the Statements on Standards for Tax Services (Appendix D), explain what you should do in each case.
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