Multiple Choice
The following costs were incurred to acquire and prepare land for a new parking lot: purchase price of land, $900,000; cost to clear the land, $40,000; cost of paving, $35,000; and cost of lighting for the parking lot, $20,000. How much should be recorded in the Land Improvements account?
A) $20,000
B) $35,000
C) $55,000
D) $40,000
Correct Answer:
Verified
Correct Answer:
Verified
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