Business, 18.07.2020 17:01 CarQuestionl506

Furniture purchased land, paying $ 65,000 cash and signing a $ 250,000 note payable. In addition, Lawson paid delinquent property tax of $ 5,000, title insurance costing $ 4,000, and $ 9,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $ 400,000. It also paid $ 54,000 for a fence around the property, $ 12,000 for a sign near the entrance, and $ 8,000 for special lighting of the grounds. Requirements:
1. Determine the cost of the land, land improvements, and building.
2. Which of these assets will Lawson depreciate?

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Furniture purchased land, paying $ 65,000 cash and signing a $ 250,000 note payable. In addition, La...

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