Brown clinic purchases land for 120000 cash. the clinic, Ask an Expert

Accounting

Brown Clinic purchases land for $120,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Brown Clinic record as the cost for the land?

a) $122,200

b) $120,000

c) $124,700

d) $122,500

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M982010

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