Title: accounting chapter 9 Flashcards | Quizlet
Headings: accounting chapter 9
accounting chapter 9
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Content: -the cash purchase price,
-closing costs such as title and attorney's fees,
-real estate brokers' commissions, and
-Accrued property taxes and other liens on the land assumed by the purchaser. Land Improvements
Includes all expenditures necessary to make the improvements ready for their intended use. Examples are driveways, parking lots, fences, landscaping, and underground sprinklers. Limited useful lives. Expense (depreciate) the cost of land improvements over their useful lives. Buildings
Includes all costs related directly to purchase or construction. Purchase costs: Purchase price, closing costs (attorney's fees, title insurance, etc.) and real estate broker's commission. Remodeling and replacing or repairing the roof, floors, electrical wiring, and plumbing.