Mclaren Corp incurred the following costs to acquire and prepare land during 2016 for a new parking lot: purchase price for land, $800,000; cost to clear the land, $30,000; cost of paving, $40,000; and lighting for the parking lot, $20,000 . How much should Halifax record in the Land Improvements account?
a. $30,000
b. $40,000
c. $60,000
d. $90,000
c
Business
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What will be an ideal response?
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