Business, 22.04.2020 19:52 TravKeepIt100

Early in its fiscal year ending December 31, 2021, Morgan Manufacturing, Inc. (MMI) finalized plans to expand operations. The first stage was completed on March 28 with the purchase of a tract of land on the outskirts of the city. The land and existing building were purchased by paying $340,000 immediately and signing a noninterest-bearing note requiring the company to pay $740,000 on December 31, 2023. An interest rate of 6% properly reflects the time value of money for this type of loan agreement. Title search, insurance, and other closing costs totaling $34,000 were paid at closing. At the end of April, the old building was demolished at a cost of $84,000, and an additional $64,000 was paid to clear and grade the land. MMI should record the land on the April 30 balance sheet as $[land].

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Early in its fiscal year ending December 31, 2021, Morgan Manufacturing, Inc. (MMI) finalized plans...

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