1 answer

Question 8 Not yet answered Marked out of 1.00 Consecutive balance sheets of Crow Ltd showed...

Question:

Question 8 Not yet answered Marked out of 1.00 Consecutive balance sheets of Crow Ltd showed the following balances: 30 June
Question 8 Not yet answered Marked out of 1.00 Consecutive balance sheets of Crow Ltd showed the following balances: 30 June 2019 30 June 2018 Land $850 000 $500 000 Asset revaluation surplus $150 000 During the year ended 30 June 2019, land was revalued upwards by $150 000 and $120 000 was borrowed to acquire land. What was the value of land purchased for cash? Flag question Select one: O a $270 000 O b. $200 000 O c. $80 000 O d. $355 000 O e. $350 000

Answers

Calculation of value of land purchased during the year

Land, June 30, 2019 850,000
Less: Land, June 30, 2018 - 500,000
Less: Asset revaluation surplus - 150,000
Value of land purchased during the year $200,000

During the year, $120,000 was borrowed to acquire land.

Land purchased for cash = Value of land purchased during the year - Value of land acquired by taking borrowings

= 200,000 - 120,000

= $80,000

Correct option is (c)

.

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