ACCT 303 Week 4 Midterm exam NEW NEW NEW 2016

1. (TCO 1) The capitalized cost of equipment excludes:

2. (TCO 1) On July 1, 2011, Larkin Co. purchased a $400,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2011 as follows:

What would be the balance in the land account as of December 31, 2011?

3. (TCO 3) In a nonmonetary exchange of equipment, if the exchange has commercial substance, a gain is recognized if:

4. (TCO 1) Interest may be capitalized:

5. (TCO 3) Horton Stores exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively.

Assuming that the exchange has commercial substance, Horton would record land-new at and record a gain/(loss) of:


ACCT 303 Week 4 Midterm exam NEW NEW NEW 2016
$25.00 Tax included. Shipping not included.

User reviews

No reviews. Be the first to write one!


All purchases are sent via email. Check your inbox and spam folder for an email from


Subscribe to our newsletter to receive special discounts and offers.

Contact us
New York, NY 10011,


Sign up and never miss another deal.