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AC Corporation bought a building lot to construct a new corporate office building

AC Corporation bought a building lot to construct a new corporate office building. An older home, which was on the building lot, was razed immediately so that the office building could be constructed. The cost of purchasing the older home should be:

(a). Capitalized as part of the cost of the land.


(b). Written off as a loss in the year of purchase.


(c). Written off as an extraordinary item in the year of purchase.


(d). Capitalized as part of the cost of the new building.

May 03 2018 View more View Less

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