Soccer Wholesale purchased land and a warehouse for $990,000. In addition to the purchase price, Soccer Wholesale makes the following expenditures related to the acquisition: broker's commission, $49,600; title insurance, $2,300; and miscellaneous closing costs, $6,900. The warehouse is immediately demolished at a cost of $75,300 in anticipation of building a new warehouse. Determine the amount Soccer Wholesale should record as the cost of the land.

Cost of land= $1,124,100

Explanation:

According to International accounting standards(IAS) 16 ,The cost of land includes purchase cost plus all other costs necessary to bring and make it ready for the intended use.

These costs include purchase cost, fees and commission associated with the purchase transaction.

Further more, included in the historical cost are the net demolition cost of old structure to prepare the land for use. Net cost here means cost of demolition less any incidental proceed from the old structure.

However, remember that land is not depreciated because it has an infinite life span.

So using the historical cost principle the cost of the land

Cost of land = 990,000 + 49,600 +2300 + 6, 900 + 75,300=  1,124,100.00

Cost of land= $1,124,100

x=3

step-by-step explanation:

this is really simple i saw that there was only one term (5x) and thought if that was 15 what would i have to multiply everything else to get it there? well if 5x became 15 then x would have to be 3 so plug the 3 in the x for the other equations and you get 15 for the other ones. so there you go. : )

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.