{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Ch 7 Homework(1)

Ch 7 Homework(1) - Ch 7 Homework Property Dispositions 1...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Ch 7 Homework: Property Dispositions 1. Kigin Company spent $240,000 to clean up hazardous waste that had contaminated land used in Kigin's business. Which of the following statements is true ? A. Kigin must capitalize the $240,000 expenditure to the cost of the land. B. If Kigin purchased the land in an uncontaminated state, it can deduct the $240,000 because the expenditure is merely returning the land to its original condition. C. Kigin can deduct the $240,000 as a repair expense. D. None of the above is true. 2. Kassim Company purchased an asset by paying $35,000 cash and giving the seller its 3-year note for $240,000. Which of the following statements is true ?
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}