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Unformatted text preview: 1. The cost of land typically includes the purchase price and all of the following costs except Student Response Value Correct Answer Feedback A. grading, filling, draining, and clearing costs. B. street lights, sewers, and drainage systems cost. C. private driveways and parking lots. 100% D. assumption of any liens or mortgages on the property. Score: 1/1 2. Fences and parking lots are reported on the balance sheet as Score: 1/1 3. When a plant asset is acquired by issuance of common stock, the cost of the plant asset is properly measured by the Score: 1/1 4. On December 1, 2007, Fiene Company acquired a new delivery truck in exchange for an old delivery truck that it had acquired in 2004. The old truck was purchased for $35,000 and had a book value of $13,300. On the date of the exchange, the old truck had a market value of $14,000. In addition, Fiene paid $45,500 the date of the exchange, the old truck had a market value of $14,000....
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This note was uploaded on 12/12/2010 for the course ACCT 121A taught by Professor He during the Spring '10 term at San Jose State University .
- Spring '10