A company purchased land for 350000 cash the real estate...

A company purchased land for $350,000 cash. The real estate brokers' commission was $25,0001)and $35,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the historical cost principle, the cost of land isA) $375,000.B) $410,000.C) $385,000.D) $350,000.

Old Room Co. purchased land and a building for a lump-sum price of ₱48,000,000. The existing building will be demolished, and a new building will be constructed. Old Room incurred the following additional costs: Title guarantee: ₱80,000 Option paid for the land and old building acquired: ₱24,000 Payments to tenants to vacate premises: ₱48,000 Cost of razing the old building: ₱240,000 Construction cost of new building (completed): ₱34,000,000 The land and old building have fair values of ₱20,000,000 and ₱40,000,000, respectively. Some salvaged wood planks from the demolition were used as wall panels in the new building. Old Room estimates that the salvaged wood planks have a fair value of ₱120,000. The other salvaged materials were sold for ₱60,000. What amount of the costs above is charged as an expense? a. ₱48,000 b. ₱32,048,000 c. ₱32,000,000 d. ₱0

Jennifer S.

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