Acquisition Cost LOI Orange & Blue, Inc., incurred the following expenditures when purchasing land: $47,000 purchase once-$4, 500 in taxes; $2,000 of sales commissions; and $13,000 for clearing and grading, of which $8,000 was for removing an old building. Determine the acquisition cost of the land. Fixed Assets LO1 At the end of the year, The Puppy Emporium had property and equipment with a historical cost of $100,000. Collectively, these assets had been depreciated $25,000. Show two ways in which the property and equipment could be reported on The Puppy Emporium’s balance sheet.Show transcribed image text Acquisition Cost LOI Orange & Blue, Inc., incurred the following expenditures when purchasing land: $47,000 purchase once-$4, 500 in taxes; $2,000 of sales commissions; and $13,000 for clearing and grading, of which $8,000 was for removing an old building. Determine the acquisition cost of the land. Fixed Assets LO1 At the end of the year, The Puppy Emporium had property and equipment with a historical cost of $100,000. Collectively, these assets had been depreciated $25,000. Show two ways in which the property and equipment could be reported on The Puppy Emporium’s balance sheet.
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