BUSI 2001 Study Guide - Quiz Guide: Property Insurance, 2 On
Document Summary
Your assignment submission must be typed up in either word and excel and uploaded (one file only) to the assignment dropbox before midnight sunday january 31, 2016. On january 1, 20x1, carlington inc. purchased some land for ,000 and paid related closing legal costs of ,000. The land had an old warehouse on it that was immediately torn down at a cost of ,000, which was partly paid for by selling salvage metal from the warehouse for ,500. Carlington paid an architect ,000 to design its new head office building and paid a contractor ,000 to build the new head office. The new head office was completed and available for use on october 1, 20x1. Carlington also paid per month in property insurance from january 1, 20x1, to december 31, 20x1, to cover the risk of fire or flood damage during construction and occupancy. Allocate the costs incurred in 20x1 to land, building, and/or expense.
