On January 1, 2019, Coopers Industries bought a parcel of land for use in its operations by paying the seller $100,000 in cash and signing a 5-year, 12 percent note payable in the amount of $400,000. In connection with the purchase of the land, Coopers incurred legal fees of $19,000, a real estate agent sales commission of $25,000, surveying fees of $1,000, and an appraisal fee of $5,000. The acquisition cost of the land is:
A. $131,000
B. $150,000
C. $531,000
D. $550,000

D. $550,000

Explanation:

The computation of the cost of the land is shown below:

= Cash paid + note payable signed + legal fees incurred +  real estate agent sales commission + surveying fees + an appraisal fee

= $100,000 + $400,000 + $19,000 + $25,000 + $1,000 + $5,000

= $550,000

For computing the cost of the land we simply added all the items given in the question

i am asked a question by the teacher.

or

a question is asked by the teacher.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know