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What amount does crane record as the cost for the land

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Problem 1: Crane Company purchases land for $200000 cash. Crane assumes $5900 in property taxes due on the land. The title and attorney fees totaled $2300. Crane has the land graded for $4000. They paid $20000 for paving of a parking lot. What amount does Crane record as the cost for the land?

A. $232200.
B. $206300.
C. $212200.
D. $200000.

Problem 21: Equipment with a cost of $562600 has an estimated salvage value of $25000 and an estimated life of 4 years or 12800 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used for 3200 hours?

A. $145650.
B. $134400.
C. $146900.
D. $140650.

Reference no: EM132770950

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