A real estate management company buys an abandoned apartment - 10268

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yousafbhutta

yousafbhutta

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A real estate management company buys an abandoned apartment complex for $4.5 million. It pays a construction company $500,000 to demolish the old building. Which of the following is true?

 

The company would record $4.5 million as the cost of the land.

The company would record $500,000 as demolition expense.

The company would record $4 million as the cost of the land.

The company would record $5 million as the cost of the land.

 

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