Property cannot be left directly to minor children
Indicate whether the statement is true or false
TRUE
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Asset accounts normally have debit balances and revenue accounts normally have credit balances.
Answer the following statement true (T) or false (F)
On January 6, Year 1, Mount Jackson Corporation purchased a tract of land for a factory site for $1,500,000. An existing building on the site was demolished and the new factory was completed on October 11, Year 1. Additional cost data are shown below: Construction cost of new building$1,760,000 Real estate and attorney fees 15,400 Architect fees 138,000 Cost to demolish old building 133,200 Salvage recovery from old building (11,000)Which of the following are the capitalized costs of the land and the new building, respectively?
A. $1,637,600 and $1,898,000 B. $1,648,600 and $1,887,000 C. $1,500,000 and $2,035,600 D. $1,515,400 and $2,020,200
A person's ________ are the things that have worth for or are important to the individual.
Fill in the blank(s) with the appropriate word(s).
If we invest money for 10 years at 8 percent interest, compounded semiannually, we are really
investing money for 20 six-month periods, and receiving 4 percent interest each period. Indicate whether the statement is true or false