QuestionPlant assets
22. Property, plant, and equipment are conventionally presented in the balance sheet at A) Replacement cost less accumulated depreciation B) Historical cost less salvage value () Original cost adjusted for general price-level changes D) Histonical cost less depreciated portion thereof
23. On December 1 of the current year, Horton Co purchased a tract of land as a factory site for \$300,000. The old building on the property was razed, and salvaged materials resulting from demolition were sold. Additional costs incurred and salvage proceeds realized during December were as follows: Cost to raze old building$$\$ 25,000$$
Legal fees for purchase contract and to record ownership Title guarantee insurance Proceeds from sale of salvaged materials In Horton's cur atrats 4,000 land? A) $\$ 311,000$ B) $\$ 321,000$ C) $\$ 332,000$ D) $\$ 336,000$
24. During the year just ended, LDTD Co. made the following expenditures related to property acquired for a plant site: Purchase price Legal fies $\$ 300,000$ Costs of preparing the 130,000 $\begin{array}{ll}\text { Tiste esprance and recording fees } & 45,000 \\ & 15,000\end{array}$ Bour mach should be capitalized in the property account? A) $\$ 390,000$ B) $\$ 360,000$ C) 5345,000 D) $\$ 3300000$