Solved: How much should be recorded in the land improvements, Accounting Basics

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How much should be recorded in the land improvements

Question - The following 4 costs were incurred for Celadon Inc. to acquire and prepare land for a new parking lot:

Purchase price of land: $950,000

Cost to clear the land: $55,000

Cost of paving the lot: $35,000

Cost of lighting the parking lot: $12,000

How much should be recorded in the Land Improvements account on Celadon Inc.'s balance sheet?

a. $47,000

b. $90,000

c. $102,000

d. $1,052,000

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Accounting Basics: How much should be recorded in the land improvements

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